Investment builds on Novo Holdings’ existing ADC portfolio, leveraging Hummingbird Bioscience’s cutting-edge ADC technology platform.
Newly formed company’s groundbreaking dual-payload ADC programs designed to overcome limitations of existing single-payload therapies.
SINGAPORE and SEATTLE – [March 3, 2025]– Novo Holdings, a leading life science investor today announced that it has invested in a $187M Series A launch financing for Callio Therapeutics, a biotechnology company focused on realizing the promise of multi-payload antibody-drug conjugates (ADCs) to improve cancer therapy. In conjunction with the financing, Callio Therapeutics has entered into an exclusive worldwide license agreement with Hummingbird Bioscience, a Novo Holdings portfolio company, for its dual-payload ADC platform in oncology and associated intellectual property and pipeline assets, in exchange for equity, potential milestone payments and royalties.
The oversubscribed Series A financing was led by Frazier Life Sciences, with significant participation from Novo Holdings and other life sciences investors including Jeito Capital, Omega Funds, Norwest, ClavystBio, EDBI, Platanus, Pureos Bioventures and SEEDS Capital.
Headquartered in Seattle and Singapore and launched by Frazier Life Sciences, the newly formed company intends to use the proceeds from the Series A financing to achieve clinical proof-of-concept for its HER2-targeted dual-payload ADC and a second undisclosed ADC program. The company’s mission aligns with Novo Holdings’ longstanding commitment to advancing innovative ADC technologies and builds on its existing portfolio to support the next generation of precision cancer therapies.
Ken Harrison, Senior Partner, Novo Holdings said: “Novo Holdings is pleased to support Callio Therapeutics to advance its groundbreaking dual-payload ADC programs, leveraging the innovative ADC platform developed by our portfolio company, Hummingbird Bioscience. This investment underscores our commitment to fostering novel oncology therapeutics that have the potential to transform cancer treatment. We look forward to seeing these promising therapies progress through clinical development to benefit cancer patients worldwide.”
In connection with the financing Ken Harrison will join the Callio Therapeutics Board of Directors.
Piers Ingram, PhD, co-founder and Chief Executive Officer, Callio Therapeutics, said: “We are delighted to be launching Callio Therapeutics with the support of Frazier Life Sciences and this syndicate of investors. Multi-payload ADCs have the potential to enable the targeted delivery of rational drug combinations to cancer cells, and may provide significantly enhanced efficacy. This new generation of ADC therapies may meaningfully improve outcomes for patients.”
Adam Simpson, Executive Board Chair, Callio Therapeutics and Venture Partner, Frazier Life Sciences said: “The dual-payload ADCs being developed at Callio Therapeutics have the potential to address large unmet medical needs by overcoming many of the limitations of existing ADCs. With the expertise of the Callio Therapeutics team, together with access to the innovative dual-payload ADC technology, we believe that Callio Therapeutics will be the first company to show the clinical benefit of this exciting new multi-payload ADC approach and is well positioned to transform cancer therapy.”
Led by CEO Pier Ingram, the founding Callio Therapeutics management team comprises individuals with extensive experience from leading biotechnology and biopharmaceutical companies including ProfoundBio, Silverback Therapeutics, SeaGen, Medarex, Hummingbird Bioscience and Genentech:
· Piers Ingram, PhD, Chief Executive Officer
· Jerome Boyd-Kirkup, PhD, Chief Scientific Officer
· Naomi Hunder, MD, Chief Medical Officer
· Angèle Maki, PhD, Chief Business Officer
About Callio Therapeutics
Headquartered in Seattle and Singapore, Callio Therapeutics is focused on realizing the promise of multi-payload antibody-drug conjugates to transform cancer patient outcomes. The company is developing next-generation, dual-payload antibody-drug conjugates (ADCs) that feature differentiated payload and linker technologies that enable targeted delivery of dual agents to tumor cells to maximize therapeutic benefit. Callio Therapeutics’ lead program is a HER2-targeted dual-payload ADC. Callio Therapeutics was created by Frazier Life Sciences, a longstanding investment firm focused on innovative therapeutics, based on ADC technology and programs exclusively in-licensed from Hummingbird Bioscience. For more information , please visit www.calliotx.com and follow Callio Therapeutics on LinkedIn.
About Hummingbird Bioscience
Hummingbird Bioscience is a Singapore-based biotherapeutics company working at the interface of artificial intelligence and human innovation to discover and develop transformative medicines for hard-to-treat diseases. Hummingbird Bioscience’s computational and systems biology technologies have generated a pipeline of innovative clinical-stage monoclonal antibodies and antibody-drug conjugates in oncology and autoimmunity. At Hummingbird Bioscience, the commitment to rigorous science, teamwork, and intellectual integrity underpins our passion to accelerate the journey of new drugs from concept to clinic. For more information, please visit www.hummingbirdbioscience.com, and follow Hummingbird Bioscience on LinkedIn, X (formerly Twitter), and YouTube.
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk
About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.
