Denmark-based Novo Ventures has led a $32m Series A preferred stock financing round for antibody-focused biotechnology company Allakos.
Alta Partners, RiverVest Venture Partners and the Roche Venture Fund also joined the round for the San Francisco-based company.
Novo partner Peter Moldt, Alta director Robert Alexander and RiverVest managing director John McKearn will all join the Allakos board of directors as part of the investment.
Moldt said, “We believe that Allakos’ innovative approach to developing antibody-based therapeutics represents a large and important therapeutic and commercial opportunity, founded upon a strong scientific rationale and supported by a respected management team with deep experience in therapeutic antibody development.
“We are pleased to join with these other distinguished investors in supporting their progress.”
Novo Ventures was established in 1999 to manage the assets of the Novo Nordisk Foundation, the holding company of global healthcare company Novo Nordisk.
The evergreen-structured firm invests about $140m each year in private life sciences companies, and has partners in Denmark, the UK and the US.
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