Scorpion Therapeutics Spins Out Antares, Secures $177 Million in Funding

In a significant development for the pharmaceutical industry, cancer drug startup Scorpion Therapeutics has launched a successor company, Antares Therapeutics, with $177 million in initial financing. This move comes just months after Scorpion's lucrative deal with Eli Lilly, signaling a new chapter in the pursuit of innovative cancer treatments and therapies for other serious diseases.

Antares Therapeutics: A New Player with a Familiar Team

Antares Therapeutics emerges as a formidable entity in the biotech landscape, backed by nearly a dozen investors, including previous Scorpion supporters Omega Funds and Atlas Venture. The new company will continue the work initiated by Scorpion, focusing on advancing small molecule drugs and programs developed through a 2022 partnership with AstraZeneca.

Leading Antares is CEO Adam Friedman, who previously helmed Scorpion Therapeutics. Friedman emphasized the company's mission, stating that their research is "fueled by discoveries in drugging previously inaccessible targets." This approach underscores Antares' commitment to pushing the boundaries of drug development.

Pipeline and Strategic Partnerships

While specific details about Antares' pipeline remain undisclosed, the company has revealed that its first program is expected to enter human testing in 2026. Multiple other preclinical programs are also in development, highlighting the breadth of Antares' ambitions.

Antares stands to benefit from potential milestone payments and royalties stemming from Scorpion's previous alliance with Pierre Fabre Laboratories, involving a pair of cancer drugs. Additionally, another startup, Moma Therapeutics, has acquired rights to a PARP inhibitor previously under Scorpion's development.

Financial Landscape and Industry Impact

The launch of Antares Therapeutics with $177 million in financing demonstrates the continued robust investor interest in innovative biotech startups. This substantial funding provides Antares with the resources to advance its ambitious research and development programs.

The spinout of Antares follows Scorpion's January deal with Eli Lilly, which saw the sale of the drug candidate STX-678 for up to $2.5 billion. This transaction not only provided Scorpion with significant capital but also facilitated the formation of Antares as a separate entity to continue work on other promising assets.

Keith Flaherty, an Antares board member and director of clinical research at Massachusetts General Hospital Cancer Center, expressed confidence in the new venture, stating, "Antares will build on what Scorpion started: combining cutting edge computational and experimental chemistry and biology with laser-focused clinical development."

As Antares Therapeutics embarks on its journey, the pharmaceutical industry watches with keen interest. The company's focus on previously inaccessible drug targets and its strong financial backing position it as a potential game-changer in the development of novel therapies for cancer and other serious diseases.