On February 15, 2024, California-based Firefly Bio, a company dedicated to advance Degrader Antibody Conjugates (DACs) to treat cancer, emerged from stealth and successfully completed a $94 million Series A financing found. Founding investor Versant Ventures and MPM BioImpact co-led the round alongside Decheng Capital and with participation from Eli Lilly & Company. Wilson Sonsini Goodrich & Rosati advised Firefly Bio on the transaction.

DACs are a novel treatment approach developed by Firefly Bio that combine elements of Antibody Drug Conjugates (ADCs) and protein degraders. Firefly Bio's platform employs its proprietary Firelink linker technology to combine ADCs and powerful protein degraders, reducing free payload in the bloodstream and limiting the uptake in healthy cells. This leads to lower doses for optimal efficacy.

The Wilson Sonsini team that advised Firefly Bio on the transaction includes Karen Deschaine, Phil McGill, Jacie Valentine, and Alison Sechrest.

For more information, please see Firefly Bio's news release. Additional coverage can be found on BioPharma Dive, BioSpace, and Fierce Biotech.