Advising on Draig Therapeutics' US$140 million series A financing

We have advised a syndicate of leading global life sciences investors including Access Biotechnology, Canaan Partners and SR One on their landmark US$140 million series A investment in Draig Therapeutics.

Draig Therapeutics is a clinical-stage venture that aims to transform the treatment of neuropsychiatric diseases. It was co-founded by Cardiff University’s Medicines Discovery Institute and SV Health Investors in 2024.  Co-investors in the Series A financing included ICG, Sanofi Ventures and Schroders Capital.

The funding will enable Draig to advance its lead drug candidate into Phase 2 trials for Major Depressive Disorder this year. It will also allow Draig to advance two other drug candidates towards clinical development in 2026.

Commenting on the transaction, corporate partner Elinor Picton said: "It has been a pleasure to work with Access Biotechnology, Canaan, SR One, and all other investors in this milestone transaction. This transaction is a great example of the ongoing trend of US investment into the UK life sciences sector, showcasing the strength of the UK's innovation ecosystem."

The team was led by Elinor Picton (Partner) and Oli Denne (Senior Associate) and included Ross McNaughton (Partner), Ed Chapman (Partner) and Clover May (Trainee) from the Corporate team.

Further advice was provided by:

• Employment - Helen Farr (Partner) and Jordan Buckle (Senior Associate)
• Patents - Adrian Toutoungi (Partner), Charlie Adams (Senior Counsel) and Nick Vollers (Associate) 
• Tax & Incentives - Ann Casey (Partner) and Eliott Michaelson Taylor (Senior Associate)