Star Therapeutics, the South San Francisco biologics company, announced a $200 million private financing on October 23, co-led by OrbiMed and Janus Henderson Investors, with participation from Agent Capital, Catalio Capital Management, Cormorant Asset Management, New Leaf Venture Partners, NYBC Ventures, RA Capital Management, Redmile, Sofinnova Investments, Soleus Capital and a sovereign wealth fund. Proceeds will advance Star’s current preclinical programs into the clinic and expand the pipeline with additional programs.
The financing follows the July 2026 acquisition of Star’s subsidiary Vega Therapeutics by Incyte, in a transaction valued at up to $2 billion (Scrip reported $1.26 billion upfront), built around latarcibart (VGA039), a monoclonal antibody in Phase 3 development for von Willebrand disease. In September 2026 Star spinout Electra Therapeutics listed on Nasdaq under the symbol ETRA. Team members have contributed to four acquisitions across Vega, DICE Therapeutics, True North Therapeutics and iPierian, and to four first-in-class therapies now in Phase 3 or commercialized.
Chief executive Adam Rosenthal told Scrip that Star is not pursuing a hub-and-spoke company-formation model going forward, despite that record: the new money is for Star’s own next round of biologics rather than for new subsidiaries to be sold. What investors have bought, on the disclosed record, is a discovery team and a preclinical portfolio, with no named lead indication in the release. The $200 million is therefore a financing read on the autumn market as much as a company event: crossover-style healthcare investors are again writing large private rounds for teams with realized exits, in the same week Lycia priced a $317.5 million IPO.