Biotech startup Erasca raises $200 million Series B funding to fight cancer

Erasca, a San Diego, California-based biotech startup on a mission to eradicate cancer, today announced the completion of a $200 million Series B funding to support the clinical development of multiple promising oncology programs and further advance the company’s in-house drug discovery pipeline. The round, which brings Erasca’s total funding to more than $260 million, was co-led by ARCH Venture Partners and Cormorant Asset Management, with participation from new and existing investors.

Founded in 2018 by Jonathan Lim, Erasca, mission is embedded in our name: To erase cancer, is a developer of oncology drugs intended provide precision oncology options. The company’s drugs are being developed through multiple discovery programs for undisclosed targets that are biological drivers of cancer and is pursuing additional opportunities for pipeline expansion through academic and biopharmaceutical collaborations, providing patients with new potential solutions to not just treat but cure cancer.

“We are honored by the magnitude of support from such an impressive syndicate of investors, especially during these turbulent times,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO and co-founder. “Unfortunately, millions of people still suffer from cancer daily. At Erasca, we are doing everything we can to help these patients live longer and healthier lives by taking an aggressive long-term approach to tackling this disease with leading-edge science and world-class talent. We are immensely grateful to have new and existing shareholders who embrace our mission to erase cancer.”

Erasca has assembled a robust pipeline of targeted therapies directed at undisclosed targets through in-house drug discovery, as well as active pipeline expansion through collaborations with world-class academic and biopharmaceutical organizations.

“We are pleased to continue backing Erasca’s terrific team and bold mission,” said Kristina Burow, managing director at ARCH Venture Partners. “Cancer is a formidable disease. Therefore, Erasca’s team has built an impressive portfolio of potentially first-in-class and best-in-class assets, including successful in-licensing of several key programs to address significant unmet needs. The company has the talent, assets and perseverance to substantially change the trajectory of cancer treatment and improve patient outcomes in a meaningful way.”

Bihua Chen, portfolio manager of Cormorant Asset Management, added, “Erasca continues to strengthen and build upon its exciting foundation. I have been impressed by how much progress the Erasca team has made since commencing operations just 18 months ago. I am confident that this team, now armed with an expanded portfolio and a bolstered balance sheet, will continue to execute on the pipeline and develop novel and impactful therapies for patients.”