Sudo Biosciences – a biopharmaceutical company committed to designing and developing best-in-class precision TYK2 (tyrosine kinase 2) inhibitors – announced that during January 2024, it completed a second close of its Series B financing, raising an additional $30 million from new investors Dementia Discovery Fund (DDF, a SV Health Investors Fund), Leaps by Bayer, and UPMC Enterprises (the innovation, commercialization and venture capital arm of UPMC). This brings the total funding round in this upsized round to $147 million.
The Series B funding round was led by Enavate Sciences and TPG, which is investing in the company through TPG Life Sciences Innovations and The Rise Fund, with participation from Sanofi Ventures, Frazier Life Sciences, Surveyor Capital (a Citadel company), Monograph Capital, Eventide Asset Management, Velosity Capital and new investors DDF, Leaps by Bayer, and UPMC Enterprises. With the second Series B round close, Sudo raised a total of $188 million since its founding in 2020.
The proceeds from the Series B fundraise will be used to advance two investigational TYK2 candidates into the clinic this year. And Sudo’s CNS program is a potential first and best-in-class brain-penetrant TYK2 therapeutic that could significantly advance the treatment of both the relapsing and progressive forms of multiple sclerosis and neurodegenerative conditions such as Alzheimer’s Disease and Amyotrophic Lateral Sclerosis (ALS). Plus, Sudo is also developing a potential first and best-in-class topical TYK2 inhibitor for psoriasis and other immune-mediated dermatologic diseases.
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“We are pleased to welcome these new investors as they each offer unique strategic value which will be meaningful for Sudo as we advance our precision TYK2 inhibitors into the clinic. This further funding enhances our ability to optimize the development of our pipeline programs.”
- Scott Byrd, Chief Executive Officer, Sudo Biosciences
“We are happy to partner with Sudo on the Series B second closing and be a catalyst to enable the company to generate clinical data with these potential first and best-in-class brain-penetrant TYK2 inhibitors in multiple neuroinflammatory diseases. Specifically, we see scope to expand beyond MS into Alzheimer’s and ALS.”
- Jonathan Behr, Partner, SV Health Investors
“Sudo Biosciences is at the forefront of developing groundbreaking therapies that have the potential to transform the landscape of autoimmune and neurologic diseases. Sudo’s pursuit of best-in-class TYK2 therapeutics aligns perfectly with our leap to reverse autoimmune diseases and chronic inflammation, thereby improving the lives of many patients who currently lack adequate treatment options.”
- Juergen Eckhardt, Head of Leaps by Bayer, the impact investment arm of Bayer AG
“Sudo Biosciences’ discovery and development programs are focused on diseases of high medical need where UPMC Enterprises sees opportunities to transform the lives of patients at UPMC and globally. Sudo’s TYK2 inhibitors have the potential to simplify treatment and improve outcomes in people with major neurodegenerative and autoimmune diseases. Our partnership with Sudo will strive to accelerate the translation of encouraging scientific discovery into life-changing therapies for our patients.”
- Matthias Kleinz, Ph.D., Executive Vice President of Translational Sciences Investments at UPMC Enterprises
