Expedition raises $165m to advance COPD drug licensed from Fosun

Expedition Therapeutics has closed a $165 million series A financing, just two months after acquiring global rights outside China to its lead candidate from Shanghai Fosun Pharmaceutical. The round was co-led by Sofinnova Investments and Novo Holdings, with backing from Forbion, Dawn Biopharma, Sanofi Ventures and existing investors.

The privately held US biotech said proceeds will fund a global Phase II trial of EXPD-101 in chronic obstructive pulmonary disease (COPD) and support expansion into other neutrophil-driven inflammatory conditions. The drug, a once-daily oral DPP1 inhibitor, is already in a Phase II bronchiectasis trial in China under Fosun’s leadership.

Founded last year by former LianBio chief financial officer Yi Larson, Expedition is pursuing a strategy of licensing Asian assets for worldwide development. Mr Larson said DPP1 represents a new target for COPD and could deliver the first therapy aimed at neutrophilic inflammation, which drives disease in most patients.