On May 13, 2024, Lycia Therapeutics, Inc., a leader in extracellular protein degradation, announced the completion of an oversubscribed $106.6 million Series C financing. Venrock Healthcare Capital Partners led the round, with participation from new investors Janus Henderson Investors, Marshall Wace, and Franklin Templeton, and existing investors Redmile Group, RTW Investments, Blue Owl Healthcare Opportunities (formerly Cowen Healthcare Investments), Invus, Eli Lilly and Company, and Alexandria Venture Investments.

Venrock partner Andrew Gottesdiener, who will join Lycia’s board of directors in connection with the Series C financing, commented, “Lycia is well aligned with our investment philosophy. They are developing highly innovative medicines that we believe have the potential to deliver meaningful human health advances, and they are backed by a seasoned team who can rapidly execute on the vision and opportunity.”

Wilson Sonsini Goodrich & Rosati advised Venrock on IP diligence matters related to the transaction. The Wilson Sonsini team was led by Michael Hostetler, Valentin Zunic, TJ O'Connor, and Cassidy Evaristo.

For more information, please see Lycia Therapeutics' press release.