Ouro Medicines joins TCE race with $120M investment

T cell engagers (TCEs), a class of cell-depleting medications, are gaining prominence in the pharmaceutical industry as they transition from oncology to autoimmune disease treatments. This trend mirrors the movement of many cell therapy drug developers into immune-mediated diseases. Recently, Ouro Medicines emerged as a new player in this field, securing $120 million in funding. This marks the sixth time this week that a biopharma company has achieved a nine-figure funding round, illustrating the robust investment climate of 2024.

Ouro's formation was significantly influenced by GSK, a prominent pharmaceutical company actively pursuing multiple TCE partnerships. GSK's recent notable ventures include a $300 million upfront deal with Chimagen Biosciences for an antibody. Ouro acquired its TCE candidate, OM336, from Keymed Biosciences, based in Chengdu, China. This acquisition involved an upfront payment of $16 million, with potential milestone payments reaching up to $610 million.

The emergence of Ouro is part of a broader trend where numerous biopharma companies have either in-licensed or acquired TCEs from Chinese firms. Ken Song’s Candid Therapeutics stands out as a major dealmaker, having secured multiple agreements with Chinese drug developers following its $370 million reveal in September.

Ouro Medicines was co-founded by Monograph Capital and GSK. Led by CEO Jaideep Dudani, who also serves as a portfolio principal, the company emphasizes GSK's role in shaping its strategy and guiding its early development. Dudani, previously part of Human Immunology Biosciences' founding team, which was acquired by Biogen for $1.15 billion last year, highlights the strategic importance of this collaboration. Ouro’s Series A funding was co-led by TPG Life Sciences Innovations, NEA, and Norwest Venture Partners, with additional contributions from Boyu/Zoo Capital, LongRiver Investments, UPMC Enterprises, and other undisclosed entities.

Currently operating with a team of 10 employees, Ouro plans to double its workforce this year. The company's leadership includes Chief Medical Officer Neely Mozaffarian, formerly of GentiBio and Atomwise, Chief Development Officer Kevin Baker, who previously held the same position at Pionyr Immunotherapeutics, and Christina Carlson, former general counsel at HI-Bio, serving as Chief Administrative Officer.

Keymed is advancing OM336/CM336, a BCMA-directed bispecific TCE, in a Phase 2 trial for multiple myeloma in China. Ouro, originally focused on discovery-stage programs, decided to accelerate its mission by in-licensing this candidate from Keymed. While continuing to develop an internal preclinical pipeline, Ouro has not disclosed further specifics about these initiatives.

Holding the ex-China rights to OM336, Ouro plans to initiate a Phase 1 trial this year targeting B cell-mediated diseases. These could potentially include conditions such as systemic lupus erythematosus, scleroderma, rheumatoid arthritis, Sjögren’s syndrome, and myositis. Ouro aims to eliminate the need for immunosuppressive treatments, which are typically required for existing medications addressing B cell-mediated diseases.

The company's name, Ouro, is inspired by Ouroboros, an ancient symbol depicting a serpent consuming itself, symbolizing eternal renewal and rebirth. Dudani explains that this symbolizes the company's vision: achieving an immune reset for patients, potentially liberating them from the constant need for medication and offering a chance for a new beginning.