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Kurma closes €215M fund to support European biotech & Sanofi brings in strong financial results

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Joachim Eeckhout & Eduardo Longoria
April 24, 2026

 

Good morning. Merck & Co. (MSD) wants in on the AI push. Following moves by big pharma peers such as Lilly and Roche partnering with NVIDIA, the US drugmaker and Google Cloud have announced plans to invest $1 billion in deploying an AI agent platform across Merck’s operations. The race continues!

— Joachim E.

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SNAPSHOT

Kurma’s €215M Biofund IV signals cautious optimism for European biotech funding

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Why it matters: The fund reflects a stabilizing yet selective biotech investment climate, offering founders fresh capital while showing that fundraising remains disciplined and competitive.

Backstory: Launched in October 2024, Biofund IV builds on Kurma’s strategy of combining company creation with venture investments, particularly in high-need therapeutic areas. The fund reached a €140M first close before finalizing in April 2026.

Big picture: European biotech continues to produce strong science but depends on specialized investors to translate research into viable companies. Funds like Biofund IV fill that gap, especially as generalist capital remains cautious post-2021 market correction.

Zoom in: Biofund IV has already been deployed across several financing rounds. Early investments include Memo Therapeutics, Avidicure, and EvlaBio. Alongside them are bets that span cardiology (Nuevocor), neuropsychiatry (Elkedonia), and oncology/autoimmune (Laigo Bio). Prior fund exits include Amolyt Pharma (acquired by AstraZeneca for up to $1.05B), Corlieve Therapeutics (acquired by uniQure) and Emergence Therapeutics (acquired by Eli Lilly).

What’s next: Kurma will continue deploying capital across new and existing biotech ventures, aiming to build a diversified portfolio while supporting companies from spinout to clinical stages.

SNIPPETS

What’s happening in biotech today?

📈 Sales surge: Sanofi reported stronger-than-expected first-quarter results, with sales rising 6.2% to €10.5 billion, driven largely by a 31% surge in demand for its blockbuster drug Dupixent, and reaffirmed its 2026 growth outlook. The upbeat performance comes at a pivotal moment as new CEO Belén Garijo (former Merck KGaA’s CEO) prepares to take over following a leadership shakeup. Despite financial momentum, Sanofi faces mounting challenges, including multiple R&D setbacks, declining vaccine demand, and looming competition and patent expirations for Dupixent.

❌ Deal dumped: Eli Lilly has terminated its entire licensing agreement with Rigel Pharmaceuticals for the RIPK1 inhibitor ocadusertib, citing that the drug did not meet its development standards, marking another setback for the struggling class of RIPK1-targeting therapies. The deal, originally signed in 2021 with $125 million upfront and up to $835 million in potential milestones, had already been partially unwound in 2025 when Lilly exited the CNS-focused portion. Full rights to ocadusertib now return to Rigel, which will no longer receive milestone or royalty payments, though a Phase 2 trial in rheumatoid arthritis continues. The move reflects broader industry challenges, as multiple companies have recently abandoned similar RIPK1 programs after clinical failures.

🪓Trial axed: Pfizer has discontinued development of its PD-L1-targeting immunostimulatory drug conjugate (ISAC) PF-08046037, ending a phase 1 trial that enrolled only eight patients across multiple cancer types, citing strategic business reasons rather than safety or efficacy concerns. The decision also halts further plans for the drug, which combined a TLR7 agonist payload with an antibody to stimulate immune responses, though Pfizer emphasized the move does not reflect a broader retreat from ISAC research.

💰Cash boost: Altimmune has priced an underwritten public offering expected to raise about $225 million in gross proceeds to support development of its lead liver disease therapy, pemvidutide, particularly a planned Phase 3 trial in metabolic dysfunction-associated steatohepatitis (MASH).

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