First Bio raises $7.46M as SK Biopharmaceuticals joins as strategic investor
What's the deal? First Bio (퍼스트바이오테라퓨틱스) raised an additional US$8.38M (roughly $7.46 million) in a late-stage venture round, pushing its total funding to US$98.5M. SK Biopharmaceuticals joined as a strategic investor alongside Murex PartnersDealroom has a profile for this one. Try Dealroom → and other new backers.
Why now? The round follows a US$26.6M Series D closed in January and builds on an existing tie-up. In September, SK Biopharmaceuticals signed a global exclusive licensing deal for First Bio's Parkinson's disease candidate, 1ST-104, and committed to the strategic investment at the same time.
What's the endgame? First Bio will spend the capital developing FB849, an HPK1 inhibitor in phase 1/2 trials, and on follow-on research. The company plans to enter a phase 2 combination trial with Merck's Keytruda (pembrolizumab) in the first quarter of 2027.
The biotech is pursuing licensing deals and commercialisation off its lead pipeline, and is preparing an IPO targeted for 2027.
In their words: "The funds secured will be used for clinical development of key pipelines and follow-on R&D, connecting development results to licensing and commercialisation," said chief executive officer Kim Jae-eun (translated from Korean).
The signal: Korean biotech funding has already topped last year's annual total through September 2026, but capital is concentrating in companies with visible clinical progress, licensing potential, or an IPO path. First Bio's raise — paired with a strategic partner's follow-on stake rather than a one-off financing — reflects that selective flow.
Read more: wowtale.net
Image credit: Generated with Gemini
