$110 million was obtained by Basel, Switzerland-based SixPeaks Bio AG, an obesity startup that is exploring treatments for healthy weight reduction.
Investors
- AstraZeneca
- Versant Ventures
- As per the conditions of the partnership, AstraZeneca took part in the Series A funding and agreed to provide up to $80 million in cash, which includes upfront and ongoing payments.
Use of funds
The business plans to utilize the money to grow both its R&D department and its operations.
The Basel Technology Park’s Ridgeline Discovery Engine, run by Versant Ventures, produced the startup.
About SixPeaks
SixPeaks is creating a pipeline of medications for healthy weight reduction under the direction of CEO Philip Larsen. The researchers used Ridgeline’s own biologics expertise to develop an activin IIA/B receptor antibody that effectively preserves skeletal muscle mass in humans. The business has also created a therapeutic that may provide maximum GLP-1 agonist-mediated weight-loss while maintaining muscle by conjugating its activin receptor IIA/B antibody with a GLP-1 peptide. Additional incretin-based compounds are being developed on this platform to help control weight and related co-morbidities.
