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The biotech markets are bumping, with Mi­rador Ther­a­peu­tics taking home $400 million in Series A funding this week, Axios' Claire Rychlewski writes.

Why it matters: It's by far the largest single private biotech funding round of the year.

Zoom in: The round was led by ARCH Ven­ture Part­ners, with participation from Or­biMed, Fair­mount, and Sanofi Ven­tures. 

Mirador is developing precision treatments for immune-mediated inflammatory and fibrotic diseases.

The company is led former executives from Prometheus Bio­sciences, an inflammatory bowel disease precision medicine company that sold to Mer­ck for almost $11 billion last year.

State of play: There were several three-digit fundraises in biotech this week.

Engrail Therapeutics, a San Diego-based precision neuroscience startup, raised $157m in Series B funding. F-Prime Capital, Forbion and Norwest Venture Partners co-led, and were joined by RiverVest Venture Partners, Red Tree Venture Capital, Abrdn, Ysios Capital, Longwood Fund, Eight Roads Ventures, and Pivotal Life Sciences. axios.link/4cofmHQ

Clasp Therapeutics, an immuno-oncology startup with offices in Maryland and Massachusetts, raised $150m in Series A funding co-led by Catalio Capital Management, Third Rock Ventures and Novo Holdings. axios.link/3TIApgZ

Capstan Therapeutics, developing treatments that reprogram cells inside the body, raised a $175 million Series B led by RA Capital, with participation from Big Pharma investors Johnson & Johnson, Pfizer, Bristol Myers Squibb, Eli Lilly and Bayer. axios.link/43Bncdu 

Tubulis, a German developer of antibody-drug conjugates for solid tumors, raised a €128m Series B2 co-led by EQT Life Sciences and Nextech Invest, joined by Frazier Life Sciences, Deep Track Capital and insiders Andera Partners, BioMedPartners, Fund+, Bayern Kapital, Evotec, Coparion, Seventure Partners, Occident and High-Tech Gründerfonds. axios.link/49YxB5q

In the public markets, EQT-backed Galderma — a skin care company with a pharmaceutical R&D pipeline — raised the equivalent of $2.2 billion, with shares rising as much as 18% in its market debut. 

It was the largest Swiss franc-denominated IPO in seven years.

Additionally, early-stage cancer biotech Boundless Bio hopes to raise $88.4 mil­lion in a proposed Nasdaq listing, pricing in the range of $15 to $17 per share, per a fil­ing.

1. Your week in biotech

Illustration of medical pills with half of the capsule created from paper money.

March 18 — Select Medical Holdings subsidiary Concentra confidentially filed for a U.S. IPO Monday.

Why it matters: The potential offering would be the third health care debut this year as the U.S. IPO market crawls its way toward a comeback, Erin wrote.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on women's soccer team sales.

2. Occupational care provider Concentra files for IPO

Illustration of a person wearing scrubs using a blood pressure cuff made of money.

March 19 — Medical LLM startup Hippocratic AI, backed by General Catalyst and Andreessen Horowitz, raised a $53 million Series A for its generative AI medical tools.

Why it matters: As a cadre of similar companies race to apply generative AI to medicine, Hippocratic stands out by raising $120 million in less than a year, Aaron and Erin wrote.

Go deeper: Read Tuesday's newsletter, plus Tuesday's Pro Rata on the revival of the tech IPO market.

3. Hippocratic gets $53M at $500M valuation

Illustration of a hand reaching out darkness towards a hand in a white lab coat reaching out of a computer

March 20 — Hybrid mental health provider Lightfully Behavioral Health secured $50 million in equity from Regal Healthcare Capital Partners, CEO Jennifer Steiner told Aaron exclusively.

Why it matters: 5.5% of U.S. adults experienced serious mental illness in 2021.

Go deeper: Read Wednesday's newsletter, plus Wednesday's Pro Rata on Microsoft cornering the AI market.

4. Regal Healthcare puts $50M in Lightfully

Illustration of a brain with abstract shapes and money elements.

March 21 — Enhanced Healthcare Partners is preparing to bring elderly and disabled care provider Eventus WholeHealth to market, sources told Aaron.

Why it matters: The process will be a good test of investor appetite for health care businesses that cater to vulnerable populations.

Go deeper: Read Thursday's newsletter, plus Thursday's Pro Rata on Mirador's raise and TikTok legislation.

5. Eventus WholeHealth coming to the block

Illustration of a pillow with a health plus on a rocking chair.

Research associate Natalie Breymeyer here with your weekly digest.

Deals of the week: Check out all the latest Health Tech Deals coverage in the Axios Pro Deals Tracker. 

🌱 Natalie is slowly starting her garden as the days get longer and the weather warms up over in zone 8a.

🙏 Thank you to Egan Millard for today's edits.

🫶 Thank you for reading us this week! Please ask your colleagues, friends and family to sign up.

March 22, 2024

1. Your week in biotech