Qatar Investment Authority invests in US-based radiopharmaceutical company ARTBIO

Cambridge, Massachusetts-based radiopharmaceutical company ARTBIO announced the closing of a $132 million Series B financing co-led by new investors Sofinnova Investments and B Capital, along with a life sciences dedicated investment fund that invested previously. Further support came from existing investors F-Prime, Omega Funds, and Third Rock Ventures, and new investors Qatar Investment Authority (QIA) and Alexandria Venture Investments.

Why does it matter?

This latest round of funding will support the advancement of ARTBIO's pipeline, including its lead program, AB001, for metastatic castration-resistant prostate cancer, through Phase II clinical trials, and enable continued expansion of the company's supply chain. The company plans to rapidly advance its manufacturing network infrastructure to supply global clinical trials, and ultimately, commercialization.

A critical enabler of ARTBIO's success is its patented AlphaDirect isotope isolation technology, which enables flexible production of clinical-grade lead-212 (212Pb) and therapeutic doses daily. This is achieved by a strategically distributed manufacturing network, improving access and de-risking common supply chain issues.

On the record

"This sizable investment from both existing and new investors will enable ARTBIO to continue innovating therapies that treat a range of deadly cancers with power and precision," said Emanuele Ostuni, Ph.D., CEO of ARTBIO. "Our team is grateful for the investment and recognition of the need to build a supply chain that matches the properties of the therapies and the unique payload that we use."

"ARTBIO's approach to ART has the potential to positively change standards of care in cancer," said Robert Mittendorff, M.D., General Partner at B Capital. "ARTBIO's lead asset, AB001, is designed to fully harness the unique power of lead-212. My team and I are excited for what's to come."

"With a differentiated ART portfolio and integrated manufacturing approach, ARTBIO represents the ideal company that we look to partner with," said Maha Katabi, Ph.D., General Partner at Sofinnova Investments. "Equally impressive is their proprietary generator technology which is a game-changer for navigating around supply and production challenges for radioisotopes in today's complex environment."

The context

This marks the Qatari sovereign wealth fund's first investment in ARTBIO, which is pioneering a new class of alpha radioligand therapies (ARTs) aimed at treating a range of cancers.

QIA, which has $524 billion in assets under management, has been steadily investing in biotech firms in the US. In 2023, it led a $250 million funding round by the Nasdaq-listed BridgeBio Pharma, which focuses on genetic diseases and cancers.