Singapore’s biotechnology firm K2 Therapeutics raises $50 M Seed funding from MPM BioImpact

The U.S. investment firm MPM BioImpact, which formed Singapore-based biotechnology business K2 Therapeutics in 2024, has provided $50 million in seed funding.

K2 Therapeutics said in a statement on Tuesday that the funding has enabled the company to grow its portfolio, which currently consists of eight medicinal programs across several modalities. Antibody-drug conjugates and T-cell engagers, both in pre-clinical and clinical stages, are notable examples.

K2 Therapeutics finds potential drugs abroad and develops them internally. Through asset acquisition, capital investment, and development, the company anticipates ongoing portfolio expansion.

Ying Huang was also appointed CEO by K2. Huang formerly served as Legend Biotech’s CEO and board member, overseeing the company’s expansion to employ over 3,000 people as well as the development and commercialization of cell therapies. Prior to that, he led Bank of America Merrill Lynch’s biotechnology equity research department.

“By combining global asset sourcing with experienced development leadership,” K2 can rapidly advance differentiated therapeutic candidates with the potential to address significant unmet medical needs, the new CEO said.

Over $3.5 billion in assets are managed by the biotechnology investment company MPM BioImpact.