Star Therapeutics raised $200 million for an undisclosed slate of preclinical antibody programs, three months after selling the subsidiary that held its named Phase 3 asset. The financing is larger than Star’s $125 million Series D last year, but unlike that round, the company has not identified the drug candidates or diseases it will support.
OrbiMed and Janus Henderson Investors co-led the private financing, with RA Capital Management, Redmile, Sofinnova Investments and other investors participating. Janus Henderson research analyst Vish Sridharan will join Star as a board observer. The company did not disclose a valuation or label the financing as a numbered series.
Star says it studies patient samples to understand disease biology, selects therapeutic targets and develops antibody drugs, with each program intended to address multiple diseases. The latest announcement says the proceeds will move current preclinical programs into the clinic and add more programs, but it provides no targets, indications or trial-start dates.
Star’s previous round arrived with a defined program: the $125 million Series D announced in September 2025 supported VGA039, an antibody already entering Phase 3 testing for von Willebrand disease. Incyte completed its acquisition of the Vega subsidiary on July 6 for $1.25 billion upfront, with Star eligible for up to $750 million more upon sales milestones.
Star’s earlier strategy separated programs into subsidiaries. Vega was sold, while Electra Therapeutics became independent in 2023 and began Nasdaq trading on September 18, 2026. Dealroom reported that CEO Adam Rosenthal said Star does not plan to keep using that hub-and-spoke model, leaving the first clinical candidate and timetable for its new pipeline undisclosed.