Viking in PIPE Investment in ORIC

January 30, 2024

Cleary Gottlieb represented Viking Global Investors (Viking) in a PIPE investment in ORIC Pharmaceuticals Inc. (ORIC), a clinical-stage biopharmaceutical company dedicated to the development of therapeutics for oncology and rare diseases.

The PIPE generated gross proceeds of approximately $125 million to ORIC and included participation from Viking, Commodore Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, New Enterprise Associates, and Nextech.

The transaction was announced on January 22, 2024.

ORIC is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by Overcoming Resistance In Cancer. ORIC’s clinical stage product candidates include ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations, being developed across multiple genetically defined cancers; ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer; and ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based treatment regimens, being developed for multiple myeloma. Beyond these three product candidates, ORIC is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms.

Viking is a global investment firm that manages over $38 billion of capital across public equity, private equity, and credit and structured capital strategies. Viking has more than 275 employees, including more than 45 investment professionals, across five offices: Greenwich, New York, Hong Kong, London, and San Francisco.

For more information, please see the press release here.