We back programs from preclinical through proof of concept.
committed across the active fund and follow-on reserves.
Fund · summary
As of Q1 2026- $400M
- Capital deployed 2017 → 2026
- 23
- Active portfolio companies
- 8
- IPOs NASDAQ + TSE
- 4
- Strategic acquisitions
- 6.4%
- Average ownership on entry
- 1 : 4.2
- Lead-to-follow ratio
A strategic syndicate participant — not a lead, not a kingmaker, not a tourist.
We invest from preclinical through proof of concept in oncology, immunology, and urology. If a program is outside those three modalities, we are not your syndicate.
Capital alone is not what we bring. The cap-table presence of a global pharmaceutical partner — and the licensing, co-development, and acquisition pathways that follow — is. Build-to-buy, spinout, and option-type investments are within scope.
Active book — selected entries
| Company | Therapeutic area | Modality | Stage | Round | Co-investors | Status | Year |
|---|---|---|---|---|---|---|---|
| Cantilever Therapeutics | Oncology | ADC | Phase 2 | C | ARCH · GV · MPM | Lead program | 2024 |
| Aeolian Bio | Immunology | Biologic | Phase 1 | B | Versant · Frazier | Active | 2025 |
| Nephros Sciences | Urology | Small molecule | Phase 2b | C | OrbiMed · RA Capital | Active | 2023 |
| Helix Outpost | Oncology | Cell · TIL | Phase 1 | A | ARCH · Sofinnova | Active | 2025 |
| Plinth Pharma | Urology | Small molecule | Approved · NDA | Acquired | MPM · 5AM | Acquired | 2022 |
| Tessera Therapeutics | Oncology | Gene editing | Phase 1 | IPO | Flagship · GV | IPO | 2023 |
| Stratum Immune | Immunology | Bispecific | Preclinical | Seed | Atlas · Polaris | Active | 2026 |
| Quietfield Bio | Oncology | Radioligand | Phase 1 | B | Bain · Cormorant | Active | 2024 |
Active programs · phase distribution
Active co-investors
| Partner | Focus | Shared rounds | Posture |
|---|---|---|---|
| ARCH Venture Partners | Oncology | 6 | Lead |
| MPM BioImpact | Cross-modality | 5 | Co-lead |
| GV | Oncology | 4 | Lead |
| OrbiMed | Urology | 3 | Co-lead |
| Sofinnova Investments | Oncology | 3 | Lead |
| Versant Ventures | Immunology | 2 | Co-lead |
| 5AM Ventures | Urology | 2 | Follow |
| Frazier Healthcare | Immunology | 2 | Follow |
What the parent cap-table presence unlocks.
- 2 GMP sites · Hannan + TokushimaManufacturing access
Small-molecule API and biologics fill-finish through Taiho parent facilities in Tokushima and Hannan.
- 40+ filings · 3 agenciesRegulatory pathway
PMDA, FDA, and EMA filings supported by parent regulatory affairs; cross-reference letters available pre-Series B.
- Direct sales · JP · 1,400 repsCommercial readiness
Direct distribution in Japan; co-promotion partnerships in US oncology and urology.
- 4 acquisitions · 2018 → 2025Acquisition pathway
Build-to-buy and option-type structures pre-negotiated at investment; four programs acquired through parent since 2018.
A first call with us is short. We will tell you the partner who would lead diligence, the modality match against the active book, and whether the round timing fits a strategic check at preferred terms. If there is no fit, we say so on the call. Patient capital is not a euphemism for slow.
Submit a deal.
Structured intake. We read every submission. Replies typically within 10 business days; sooner if there is a strategic fit on the active book.
- · Replies typically within 10 business days
- · No reply ≠ pass — we will say so
- · Outside oncology / immunology / urology: not a fit