By Cecilia Butini

Bayer AG said Thursday that it has invested in U.S. biopharmaceutical company Triumvira Immunologics Inc., which is developing a new platform for engineering T-cells to attack cancers.

The German conglomerate's impact investment arm, Leaps, and U.S.-based Northpond Ventures have co-led a $55 million series A financing round for Triumvira.

"This financing will enable Triumvira to advance multiple autologous and allogeneic programs into the clinic for solid tumors and hematologic malignancies," the German company said.

Bayer will be allocated two seats on the Triumvira board, while Northpond Ventures will have one seat. Scott Smith, who is currently president at BioAtla and is a former chief operating officer of biopharma company Celgene, was appointed as chairman of Triumvira's board.

T-cells are a type of white blood cell that play a key role in eliminating cancerous cells in healthy individuals.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

August 27, 2020 08:47 ET (12:47 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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