Frazier Life Sciences has launched Callio Therapeutics, a biotech company focused on the development of multi-payload antibody-drug conjugates (ADCs) for the improvement of cancer therapies, after closing $187 million in a Series A Funding round which included participation from Jeito Capital, Novo Holdings, Omega Funds, ClavystBio, Platanus, Norwest, Pureos Bioventures, SEEDS Capital and EDBI.

The funds will be used by Callio Therapeutics to achieve clinical proof-of-concept for its HER2-targeted dual-payload ADC and a second undisclosed ADC programme. Alongside this financing, Callio Therapeutics has entered into an exclusive worldwide license agreement with Hummingbird Bioscience for its multi-payload ADC platform in oncology. This will be in exchange for equity, potential milestone payments and royalties.