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Top-tier life science investor syndicate co-led by Enavate Sciences and TPG, with participation from Sanofi Ventures, Surveyor Capital (a Citadel company), Monograph Capital, Eventide Asset Management and existing investors Frazier Life Sciences and Velosity Capital.
CARMEL, Ind., December 20, 2023–(BUSINESS WIRE)–Sudo Biosciences (“Sudo”), a biopharmaceutical company committed to designing and developing best-in-class precision TYK2 (tyrosine kinase 2) inhibitors, today announced the close of a $116 million Series B financing round co-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, Surveyor Capital (a Citadel company), Monograph Capital, and Eventide Asset Management as well as existing investors Frazier Life Sciences and Velosity Capital. The Company has raised a total of $157 million funding since its founding in 2020.
The Series B funding will be used to advance two investigational TYK2 candidates into the clinic next year. Sudo’s CNS program is a potential first and best-in-class brain-penetrant TYK2 inhibitor that has the potential to significantly advance the treatment of both the relapsing and progressive forms of multiple sclerosis as well as neurodegenerative conditions such as Alzheimer’s disease and amyotrophic lateral sclerosis (ALS). Sudo is also developing a potential first-in-class topical TYK2 inhibitor for psoriasis and other immune-mediated dermatologic diseases.
“We are thankful for the support of our premier life science investors, which will allow us to advance our two development candidates into the clinic,” said Scott Byrd, CEO, Sudo Biosciences. “With this financing, we are well positioned to progress our pipeline of next generation TYK2 inhibitors and pursue our mission of improving care for the millions of people living with multiple sclerosis, psoriasis and other severe autoimmune and neurologic conditions.”
“We were attracted to Sudo by the excellent science, experienced management team, and clinical potential of its brain-penetrant and topical allosteric TYK2 inhibitors,” said Edd Fleming, MD, Executive Vice President, Commercialization, Enavate Sciences. “Severe neurologic diseases such as progressive forms of MS, Alzheimer’s and ALS have limited treatment options, and we believe Sudo’s CNS program has the potential to address these unmet needs.”
“We are excited to partner with the Sudo team to unlock the potential therapeutic applications for TYK2 inhibition in neuroinflammation and autoimmune diseases,” said Shinichiro Fuse, PhD, Business Unit Partner with TPG Life Sciences Innovations. “The pre-clinical data with Sudo’s CNS and dermatology TYK2 programs are very promising and support TYK2’s potential as a target in these therapeutic areas.”
In conjunction with the financing, Edd Fleming, Shinichiro Fuse, and Chris Gagliardi, PhD, Principal at Sanofi Ventures, will join the Board of Directors.
About Sudo Biosciences
Sudo Biosciences is a biopharmaceutical company committed to designing and developing novel medicines to transform patients’ lives. The company’s programs target the tyrosine kinase 2 (TYK2) pseudokinase domain. TYK2 is a key mediator in cytokine signaling pathways that have been linked to a broad range of immune-mediated inflammatory conditions. The company’s pipeline of next generation TYK2 inhibitors includes a potential first- and best-in-class brain-penetrant candidate for the treatment of multiple sclerosis and neurodegenerative diseases with underlying neuroinflammation and a potential first- and best-in-class topical candidate for immune-mediated dermatologic diseases. Both candidates are anticipated to enter clinical trials in 2024. Sudo Biosciences is based in Carmel, IN, with operations across the US and UK. For more information, visit www.sudobio.com.
About Enavate Sciences
Enavate Sciences is a portfolio company of Patient Square Capital dedicated to supporting therapeutic companies advancing medicines and enabling technologies with transformative potential to address patient need. Through the application of capital support and operational experience, Enavate strives to enable and empower a diverse portfolio of therapeutics companies to accelerate innovation. To learn more about Enavate, please visit www.enavatesciences.com.
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $212 billion1 of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.
1 As of September 30, 2023, including AUM attributable to TPG Angelo Gordon on a pro forma basis.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231220169837/en/
Contacts
For Sudo Biosciences:
Kimberly Ha
KKH Advisors
917-291-5744
kimberly.ha@kkhadvisors.com
For Enavate Sciences:
Doug Allen / Zach Kouwe
Dukas Linden Public Relations
646-722-6530
Enavate@DLPR.com
For TPG:
Courtney Power / Julia Sottosanti
media@tpg.com
