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Apollo Therapeutics, a portfolio biopharmaceutical company focused on translating fundamental medical research into medicines through a hub-and-spoke approach, has announced the close of $226.5 million in a Series C financing.

The financing round was led by Patient Square Capital. Other participants included new investors such as M&G plc, two of the largest US public pensions and existing investor Rock Springs Capital. This latest round significantly adds to the $195 million previously raised by Apollo Therapeutics.

Proceeds will be used to advance pipeline programmes through clinical development and further fund Apollo’s drug discovery and development activities based on breakthroughs in basic medical research made at its partner research institutions. The financing will also be used to license or acquire additional clinical stage programmes that meet strict selection criteria.

Apollo has a scalable R&D platform for the evergreen discovery and development of new medicines. Programme selection is agnostic to indication and primarily driven by quality of science and the potential to transform the standard of care in major commercial markets. This is enabled by an unprecedented level of access to world-class research institutions through unique partnership agreements.

A unique collaborative venture to speed development of breakthrough medical discoveries, Apollo Therapeutics was originally a six-way partnership devised by the technology transfer offices of three world-leading universities (University of Cambridge, Imperial College London and University College London) and embraced by pharmaceutical giants AstraZeneca, GlaxoSmithKline, and Johnson & Johnson Innovation. In June 2021, following a $145 million raise, Apollo became an independent biopharmaceutical company. The original partners all remain and have recently been joined by King’s College London and The Institute of Cancer Research.

We are delighted to announce the close of our latest fundraise and wish to thank our existing investors for their continued support, as well as warmly welcoming all the new investors. Apollo has built a broad and diversified pipeline focused on major commercial markets and this latest fund-raising enables us to take our most advanced programs to key clinical value inflection points.

Dr Richard Mason, Chief Executive Officer, Apollo Therapeutics

I have long believed in a business model for drug development characterised by extremely talented management, sufficient capital to pursue multiple programs and world-class science focused on unmet medical need. We are proud to support Apollo Therapeutics as it develops a number of promising medicines that we anticipate will eventually transform patient care.

Jim Momtazee, Managing Partner, Patient Square Capital and member of Apollo Therapeutics Board of Directors

This is a fantastic achievement, from a great team and great investors capitalising on a unique effective drug discovery and development model. We are so proud to have been founders with great colleagues at Imperial College and UCL with our pharma partners AstraZeneca, GSK and Johnson and Johnson to deliver patient benefit from groundbreaking academic science.

Dr Iain Thomas, Head of Life Sciences, Cambridge Enterprise