Neon Therapeutics raises $70m

Len Blavatnik

Clal Biotechnology will own 5% of Neon when the round is completed.

Clal Biotechnology Industries Ltd. (TASE: CBI) today announced that Neon Therapeutics had completed a $70 million financing round. Following the round, Clal Biotechnology, which is a unit of Clal Industries, controlled by Len Blavatnik's Access Industries, will own 5% of US company Neon. The round was led by Partner Fund Management, together with Inbio, Wellington, Fidelity Ventures, and Nextech Invest. Previous investors Third Rock Ventures and Access Industries also took part.

Clal Biotechnology is likely to revalue its investments in Neon for its December 31, 2016 financial statements according to the fair value resulting from the financing round. Clal Biotechnology estimates the increase in its equity at NIS 17-30 million against overall profits.

Clal Biotechnology is reporting a number of recent deals and developments by its portfolio companies, including the completion by Gamida Cell of procedures for another trial on patients with leukemia or lymphoma for the US Food and Drug Administration (FDA). Gamida Cell has also obtained FDA approval for a personalized vaccination against mutations created by the malignant tumor itself. Neon has begun a trial of a vaccination against malaria.

Published by Globes [online], Israel Business News - www.globes-online.com - on January 8, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Len Blavatnik
Len Blavatnik
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