The new funding gives Caris Life Sciences a post-money valuation of $7.83bn
The new funding gives Caris Life Sciences a post-money valuation of $7.83bn. (Credit: Akshay93 from Pixabay)
US-based cancer-diagnostic company Caris Life Sciences has raised $830m in a growth equity round, led by investment firm Sixth Street, to expand its precision medicine platform for cancer care.
The funding provides Caris with strategic capital for continued commercial expansion and investment toward a liquid biopsy platform with high concordance to tissue across different modalities.
With the latest investment, Caris has raised nearly $1.3bn in external funding since 2018.
The new funding gives Caris a post-money valuation of $7.83bn. It also marks Sixth Street’s third investment in Caris since 2018.
Caris Life Sciences chairman and CEO David Halbert said: “Caris puts the patient at the centre of everything we do. This recent raise will help us bring our market-leading science and technologies to as many patients as possible, ultimately reinventing cancer care.
“We plan to unlock the full potential of precision medicine through comprehensive interrogation of cancer at the molecular level.
“This will allow the delivery of transformative applications of molecular science, including the launch of our early detection (stage 1 and stage 2) blood-based pan-cancer test, providing results for every patient with no non-shedders.”
The funding round saw participation from funds and accounts advised by T. Rowe Price Associates, Silver Lake, Fidelity Management & Research Company, and Coatue.
Also, Columbia Threadneedle Investments, Millennium Management, Canada Pension Plan Investment Board, Highland Capital Management, Neuberger Berman Funds, Rock Springs Capital, OrbiMed, Tudor Investment Corporation, ClearBridge Investments, Eaton Vance Equity (Morgan Stanley), Pura Vida Investments and First Light Asset Management have participated in the funding round.
The company stated that all existing investors from last year’s financing have participated in the deal along with several new investors.
According to Caris, its Molecular Intelligence approach enables oncologists to evaluate all 22,000 genes in both DNA and RNA, leveraging whole-exome sequencing, whole transcriptome sequencing, protein analysis, and AI models and signatures.