Eikon Therapeutics, a well-funded biotech company led by a former Merck executive, has raised a significant amount of money in one of the largest funding rounds for a biotech firm this year. On Wednesday, Eikon announced it received nearly $351 million from various investors, including Lux Capital and Alexandria Venture Investments. Since starting in 2019, Eikon has raised about $1.1 billion in total.
Eikon is built around a Nobel Prize-winning technology that allows scientists to observe protein movements within cells. The company, made public in 2021, is led by Roger Perlmutter, who previously headed research at Merck. Eikon is developing over 15 potential drugs for cancer, inflammatory diseases, and neurological disorders. Many of these drug candidates were acquired from other companies.
The company’s leading drug candidate, EIK1001, is designed to fight tumors by targeting specific proteins. Eikon acquired this drug from Seven and Eight Biopharmaceuticals and is now conducting late-stage tests. One major trial is comparing the combination of EIK1001 and Merck’s Keytruda against Keytruda alone in treating melanoma. Another study is investigating its use in lung cancer.
Eikon also has two PARP inhibitors, drugs that can treat cancer. One is in early testing for specific solid tumors and aims to be more selective than existing treatments. The other is intended to treat brain cancer by crossing the blood-brain barrier, with early tests expected to start soon.
Perlmutter stated that the new funding will help Eikon become a comprehensive biotech company using advanced technology and data science. He also mentioned that Eikon plans to expand its drug development pipeline through both in-house efforts and strategic partnerships.
Eikon’s significant funding round is part of a trend where biotech companies are raising large sums of money. Investors are increasingly making bigger, but fewer investments, often partnering with multiple co-investors. This trend has continued into 2025, with several biotechs raising over $100 million, including Eikon and Verdiva Bio, which focuses on obesity drugs.
In addition to Perlmutter, Eikon’s leadership team includes other former Merck executives, such as Roy Baynes (chief medical officer) and Mike Klobuchar (chief operating officer).