Formation Bio raises $372M to boost drug development with AI
It’s a “Material Step Up” From $1 Billion, Formation’s Series Valuation, said a Spokesperson
Formation announced Wednesday that it raised $372 million in a Series D funding round led by Andreessen Horowitz with participation from drug maker Sanofi, Sequoia, Thrive, Emerson Collective, Lachy Groom, SV Angel Growth and FPV Ventures. The new tranche brings Formation’s total raised to more than $600 million (according to PitchBook), which the company says is being put mainly toward partnership acquisition efforts and R&D.
Formation builds tech-forward solutions for clinical trials and drug development. The company licenses drug IP from and co-develops drugs with biotech and pharma companies, and develops these drugs past clinical proof-of-concept.
Drug development is a notoriously expensive and challenging endeavor. It takes 10 to 15 years on average to take a drug from initial discovery through regulatory approval, with the cost per drug reaching up to $5.5 billion. And an estimated 90% of drugs fail to reach the market.
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