Avenzo, Alleron's Partner, Raises $150 Million to Develop Their Partnered Cancer Drug

San Diego’s Avenzo Therapeutics closed a $150 million Series A-1 round to develop its lead program AVZ-021, a potentially best-in-class CDK2 selective inhibitor, currently in a Phase I/II trial in patients with HR+/HER2- metastatic breast cancer and other advanced solid tumors. In January 2024, Avenzo acquired rights to the drug from Allorion Therapeutics, a Boston-Guangzhou biotech, in a deal worth over $1 billion ($40 million upfront). Allorion kept China rights to the drug. Allorion develops mutant selective and isoform-specific drugs in non-conventional ways for well-known targets to improve efficacy and prevent resistance. More details....

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