Latham & Watkins Advises Callio Therapeutics on US$187 Million Series A Financing and Concurrent Exclusive License From Hummingbird Bioscience

Callio Therapeutics, a biotechnology company focused on realizing the promise of multi-payload antibody-drug conjugates (ADCs) to improve cancer therapy, has announced its launch with the closing of a US$187 million Series A financing round. This financing was led by Frazier Life Sciences with significant participation from Jeito Capital alongside other life sciences investors, including Novo Holdings A/S, Omega Funds, ClavystBio, Platanus, Norwest, Pureos Bioventures, SEEDS Capital, and EDBI. The newly formed company, with headquarters in Seattle and Singapore, 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.

In conjunction with the financing, Callio entered into an exclusive worldwide license agreement with Hummingbird Bioscience for its multi-payload ADC platform in oncology, and associated intellectual property and pipeline assets, in exchange for equity, potential milestone payments, and royalties.

Latham & Watkins LLP advised Callio Therapeutics in the financing with a corporate team led by San Diego partners Matt Bush and Cheston Larson and counsel Evan Youngstrom, with associates Alex Stuart-Lovell and Samantha Wang, and in the license agreement with a team led by San Diego partner Chris Hazuka and counsel Rob Yeh. Advice was also provided on compensation and benefits matters by San Diego partner Holly Bauer, with associate Julie Voorhes; on Singapore law matters by Singapore partner Farhana Sharmeen, with associate Zoe Wang; and on CFIUS matters by Washington, D.C. counsel Zachary Eddington.