Key Takeaways
- • OMass Therapeutics, an Oxford, U.K.-based biotech, announced a $310M series C round on Wednesday, October 15, 2026, which the company described as the second-largest raise by any European biotech so far in 2026, behind Isomorphic Labs' $2.1B series B.
- • The series C was co-led by Bain Capital Life Sciences, Forbion and Novo Holdings, with Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences joining existing backers including Syncona, Sanofi Ventures, the British Business Bank and the University of Oxford.
- • Proceeds will fund the phase 1 to phase 2 progression of lead candidate OMS1620, a melanocortin-2 receptor antagonist, in congenital adrenal hyperplasia and ACTH-dependent Cushing's syndrome, as well as building out development capabilities.
- • OMass's second program, a preclinical SLC15A4 inhibitor targeting lupus and interferon-driven diseases, adds a pipeline option; the company's preclinical IBD program was licensed to Genentech for $20M upfront last year.
- • CEO Ros Deegan, who has framed the company's goal as making the U.K. home to a "Big Biotech" comparable to Vertex or Biogen, said the company has no immediate plans for an IPO.
Summary
OMass Therapeutics announced a $310 million series C financing on Wednesday, October 15, 2026, a round CEO Ros Deegan described as a "fantastic milestone" on the company's journey to become "Britain's Big Biotech," according to Fierce Biotech. The company said the raise is the second largest for any European biotech so far in 2026, trailing only the $2.1 billion series B of Alphabet-founded Isomorphic Labs. OMass counts GV, Alphabet's venture arm, among its backers.
The round was co-led by Bain Capital Life Sciences, Forbion and Novo Holdings. Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences joined existing investors Syncona, Sanofi Ventures, the U.K. government's British Business Bank and the University of Oxford. Deegan said she was "thrilled with the high-quality U.S. and European investors that are joining the syndicate." OMass, which was still preclinical when named a Fierce 15 winner in 2024, has since advanced its lead asset.
The lead candidate, OMS1620, is a melanocortin-2 (MC2) receptor antagonist being studied for congenital adrenal hyperplasia (CAH) and ACTH-dependent Cushing's syndrome. It has only completed the single-ascending dose stage of a phase 1 trial. Deegan said the program can be assessed for efficacy early through a challenge experiment with the natural hormone in healthy volunteers, and that preclinical data suggest the compound's "sticky" receptor binding could outperform competitors at inhibiting high ACTH concentrations. Series C proceeds will be directed toward advancing OMS1620 into phase 2 and building development capabilities, with the company becoming multi-geography as it progresses.
OMass also has a preclinical SLC15A4 inhibitor aimed at lupus and other diseases linked to interferon overproduction and pathogenic B-cell activation. Deegan noted growing interest in the target, which Odyssey Therapeutics also highlighted when it went public in May, while stating that more recent CAR-T readouts in autoimmune disease have been less compelling. OMass's technology traces to the University of Oxford lab of Professor Carol Robinson. Genentech paid $20 million upfront last year for a license to the company's preclinical inflammatory bowel disease program. Deegan said the company has been deliberately strategic in partnering to avoid giving away core upside.
Deegan said OMass has no current plans to pursue an IPO, noting that the company now has the capital to focus on clinical milestones. She did not rule out taking its pipeline to commercialization, saying the company intends to build "with your destiny in your own hands."
The round was co-led by Bain Capital Life Sciences, Forbion and Novo Holdings. Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences joined existing investors Syncona, Sanofi Ventures, the U.K. government's British Business Bank and the University of Oxford. Deegan said she was "thrilled with the high-quality U.S. and European investors that are joining the syndicate." OMass, which was still preclinical when named a Fierce 15 winner in 2024, has since advanced its lead asset.
The lead candidate, OMS1620, is a melanocortin-2 (MC2) receptor antagonist being studied for congenital adrenal hyperplasia (CAH) and ACTH-dependent Cushing's syndrome. It has only completed the single-ascending dose stage of a phase 1 trial. Deegan said the program can be assessed for efficacy early through a challenge experiment with the natural hormone in healthy volunteers, and that preclinical data suggest the compound's "sticky" receptor binding could outperform competitors at inhibiting high ACTH concentrations. Series C proceeds will be directed toward advancing OMS1620 into phase 2 and building development capabilities, with the company becoming multi-geography as it progresses.
OMass also has a preclinical SLC15A4 inhibitor aimed at lupus and other diseases linked to interferon overproduction and pathogenic B-cell activation. Deegan noted growing interest in the target, which Odyssey Therapeutics also highlighted when it went public in May, while stating that more recent CAR-T readouts in autoimmune disease have been less compelling. OMass's technology traces to the University of Oxford lab of Professor Carol Robinson. Genentech paid $20 million upfront last year for a license to the company's preclinical inflammatory bowel disease program. Deegan said the company has been deliberately strategic in partnering to avoid giving away core upside.
Deegan said OMass has no current plans to pursue an IPO, noting that the company now has the capital to focus on clinical milestones. She did not rule out taking its pipeline to commercialization, saying the company intends to build "with your destiny in your own hands."
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