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Hengrui metabolic programs spun out into start-up with $400M

ARTICLE | Finance

Bain, RTW, Atlas and Lyra back freshly created company with implied $570M valuation

By Paul Bonanos, Director of Biopharma Intelligence

May 17, 2024 5:49 PM UTC

A four-investor syndicate is supplying $400 million to create a start-up that holds most global rights to a portfolio of diabetes and obesity medicines from China-based Hengrui, launching with a valuation of about $570 million.

Bain Capital Life Sciences, RTW Investments, Atlas Venture and Lyra Capital have invested in Hercules CM Newco Inc., according to a regulatory disclosure from Jiangsu Hengrui Pharmaceuticals Co. Ltd. (Shanghai:600276)…