Targeted Cancer Therapy Biotech Company Tango Therapeutics Raises $50 Million 

By Noah Long ● Aug 21, 2020
  • Tango Therapeutics — a biotechnology company focused on discovering and delivering the next generation of targeted cancer therapies — announced it has raised $50 million

Tango Therapeutics — a biotechnology company focused on discovering and delivering the next generation of targeted cancer therapies — announced it has raised $50 million in equity financing. This funding round was led by Casdin Capital and included existing investors Boxer Capital of the Tavistock Group and Cormorant Asset Management as well as new investor Gilead Sciences. 

With this round of funding, Tango Therapeutics will initiate clinical studies of its lead program in the next 18 months and drive progress for other wholly-owned programs in late-stage drug discovery.

Tango also announced an expanded collaboration with Gilead Sciences, which builds on an agreement signed in 2018. And under the updated terms, Gilead will make a $125 million upfront payment to Tango and a $20 million equity investment in the company. 

Plus Gilead will also have the right to option up to 15 immune evasion programs for up to $410 million per program in opt-in, extension, and milestone payments. And Tango will also be eligible to receive up to low double-digit tiered royalties on net sales.

KEY QUOTES:

“With a unique discovery platform, a precision oncology focus, and a patient-first mission, Tango is building a powerful pipeline of targets and programs. We are glad, in combination with the Gilead Sciences expanded partnership, to provide support to drive their wholly-owned programs into the clinic and ultimately improve patient lives.”

— Eli Casdin, Chief Investment Officer and Founder of Casdin Capital

“Our expanded collaboration with Gilead and the exciting advances we have made in our internal programs drove strong interest from our syndicate in expanding their investments at a higher valuation. We are grateful for their support as we continue to press toward our goal of bringing our investigational therapies to well-defined patient populations with high unmet need.” 

— Barbara Weber, MD, President and Chief Executive Officer of Tango