On July 22, 2025, Avalyn Pharma Inc., a clinical-stage biopharmaceutical company focused on the development of inhaled therapies for the treatment of life-threatening pulmonary diseases, announced the closing of an oversubscribed $100 million Series D financing. The financing was led by SR One and Suvretta Capital Management, with participation from Novo Holdings A/S, F-Prime, Perceptive Xontogeny Venture Funds, Norwest, Eventide Asset Management, Wellington Management, Vida Ventures, Catalio Capital Management, RiverVest Venture Partners, Pivotal bioVenture Partners, TPG Biotech, Hamilton Square Partners Management, LP (HSq), Rock Springs Capital, Surveyor Capital (a Citadel company), funds and accounts advised by T. Rowe Price Associates, Inc., and Piper Heartland. Wilson Sonsini Goodrich & Rosati advised SR One and Novo Holdings on the transaction.

Proceeds from the financing will support key clinical milestones across Avalyn’s pipeline programs in pulmonary fibrosis, including the late-stage development of Avalyn’s lead programs.

The Wilson Sonsini team that advised SR One and Novo Holdings included Dan Koeppen and Kassandra Castillo.

For more information, please see Avalyn’s press release.