Best-in-class mentality: Why Third Rock led Synnovation’s $102M A round
24 Jan 2024
Executive Change
Synnovation isn't breaking any new ground with the targets it is developing small molecules against; but instead, the cancer company aims to make a name for itself by being a best-in-class drug developer – and Third Rock partner Reid Huber is confident that CEO Wenqing Yao and his team can make that happen.
Huber's firm led the biotech's $102-million series A, which closed Wednesday with participation from Nextech, Lilly Asia Ventures, Sirona Capital and Cormorant Asset Management. While the amount may seem eye-popping for such an early round, the funds will advance three experimental cancer treatments – a PARP1 inhibitorPARP1 inhibitor, a small molecule targeting mutant PI3Kα, and a third undisclosed programme – to the clinic by early 2025.
"It's rare that you get to have a multi-asset, multi-indication oncology company that's nearly clinical-stage across three programmes at the time of launch," Huber told FirstWord. But more so than the pipeline, it was the team behind Synnovation that enticed Third Rock to become a seed investor in 2023.
Up until mid-2021, Yao was head of discovery chemistry at Incyte, where Huber served as chief scientific officer from 2011-2018. Together, they brought over 30 molecules into the clinic, while Yao’s tenure eventually produced five approved drugs: Jakafi (ruxolitinib), Olumiant (baricitinib), Pemazyre (pemigatinib), Tabrecta (capmatinib) and Opzelura (ruxolitinib).
"Wenqing and his team are one of the strongest – if not, arguably, over the last few decades, the strongest – highest output chemistry team there is in industry," Huber said. "It's rare to get one drug approved if you’re a fortunate scientist in industry; it's extremely rare to get five."
Making drugs – not just clinical candidates
At Synnovation, the team is approaching known targets with a best-in-class mentality.
It's not enough for a compound to be selective and potent, Huber said. A best-in-class drug means a low-milligram dose, long half-life, and an improved safety profile, especially if the compound inhibits PARP, like Synnovation's lead candidate SNV1521.
"I think Wenqing's team knows the difference between a drug and a clinical candidate, and they're focused on making drugs," Huber added.
All approved PARP inhibitorsPARP inhibitors non-selectively hit both PARP1 and PARP2. The first protein most likely drives the therapies' efficacy to treat cancer, while scientists believe the second triggers the haematological toxicities that have limited the drug class' approved indications, as well as their use in combination with chemotherapy and other next-gen treatments like antibody-drug conjugates and radiotherapeutics.
Synnovation's molecule selectively inhibits PARP1, which could open up a world of combinations. SNV1521 also penetrates the central nervous system, making it potentially viable to treat metastatic disease or even primary brain tumours. The compound is slated to start a clinical trial in mere weeks, Huber said.
Following closely behind is SNV4818, which inhibits PI3Kα – another target that has been saddled with safety concerns. Synnovation's candidate zeros in on the enzyme's mutant form, as blocking the wild type can cause dose-limiting side effects, Huber said. The candidate is expected to enter the clinic in the fourth quarter.
Synnovation has a third precision medicine programme as well against an undisclosed oncology target, with clinical testing also scheduled to start by year-end.
"There's an old adage that when you find a good jockey, you bet on the jockey," Huber said. "Wenqing and his team absolutely represent that great jockey."
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