Philadelphia-based Century Therapeutics recently raised $60 million in a private placement of almost 16 million shares of its stock and acquired Boston-based Clade Therapeutics, writes Ryan Sharrow for the Philadelphia Business Journal.

Both moves were made to support the biotechnology company’s operations and expand its product pipeline. Century is working on induced pluripotent stem cell-derived therapies to treat hematologic and solid tumor cancers.

The financing round is being led by new investor Bain Capital Life Sciences, with other new investors including Adage Capital Partners, Octagon Capital, and Superstring Capital. The company’s existing investors are also participating, including Casdin Capital, Boxer Capital, Venrock Healthcare Capital Partners, and DAFNA Capital Management.

The funding reinforces Century’s cash runway into 2026.

Century is paying $35 million upfront for the privately held Clade, which is working to develop a stem-cell treatment for cancer, in a mix of cash and shares of its common stock. The shares represent a 16.7 percent premium over the Philadelphia company’s closing price on April 10, when the acquisition was first announced. Century will also pay an additional $10 million in a one-time milestone payment, which is due on the achievement of a future clinical milestone.

Read more about Century Therapeutics, the acquisition of Clade Therapeutics, and its ramifications at the Philadelphia Business Journal.

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