UCL partner Apollo Therapeutics receives $226.5m to translate medical research into treatments

6 September 2023

Apollo Therapeutics, a collaboration between UCL, Imperial College and the University of Cambridge, and three global pharmaceutical companies, has today (6 September) announced the close of $226.5m in a Series C financing.

This significantly adds to the $195m previously raised by the Company. The financing round, led by Patient Square Capital, saw the inclusion of new investors such as M&G plc and two of the largest US public pension plans, along with existing investor Rock Springs Capital.

Apollo Therapeutics utilises a hub-and-spoke approach to translate medical research into treatments. Their flexible R&D platform drives the discovery and advancement of pharmaceuticals, prioritising programmes based on scientific quality and their potential to transform care standards.

Research from UCL, Imperial College and University of Cambridge is at the heart of Apollo. The universities are at the forefront of basic and translational research, including oncology, major inflammatory disorders and rare diseases, which provide opportunities for drug discovery.

All three feature in the top ten list of best universities in the world and their collaboration alongside leading pharmaceutical companies, AstraZeneca, GlaxoSmithKline and Johnson & Johnson is a capital efficient and innovative way to ensure more research can be translated and commercialised at scale. Two other institutions have recently joined the partnership, King’s College London and The Institute of Cancer Research.

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 at its partner institutions. Capital raised will also be used to licence or acquire additional clinical stage programmes that “meet strict selection criteria”.

In 2020, Apollo also secured its first out-licensing deal from technology developed at UCL with support from UCL Technology Fund and Axovia. This was a novel gene therapy programme developed at UCL which demonstrated how Apollo can bridge the gap from academic research to a product that is commercially ready. They now have more than 20 programmes in the pipeline.

Dr. Richard Mason, Chief Executive Officer of Apollo Therapeutics, said: “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 fundraising enables us to take our most advanced programmes to key clinical value inflection points.”

Jim Momtazee, Managing Partner of Patient Square Capital, and member of Apollo Theraputic’s Board of Directors, said: “I have long believed in a business model for drug development characterised by extremely talented management, sufficient capital to pursue multiple programmes 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.”

Anne Lane, CEO, of UCLB said: “This significant round of financing reflects the world-leading expertise in translational medicine at UCL, Imperial, Cambridge, King’s College London, and The Institute of Cancer Research and is an excellent demonstration of how collaboration and investment in UK global research universities is critical to transforming patient care worldwide.”

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