Vaccine Play Iliad Draws Nine-Digit B Round; Denmark’s Gubra Launches Venture Creation Unit

Why It Matters

The sizable round underscores strong capital appetite for innovative vaccine platforms despite regulatory setbacks, while Gubra’s unit bolsters Europe’s biotech pipeline.

Key Takeaways

• Iliad secured $115M Series B funding.
• Funding led by RA Capital Management.
• Janus Henderson and BNP Paribas Alts joined round.
• Developing intranasal vaccine for pertussis infection.
• Denmark’s Gubra launches venture creation unit.

Pulse Analysis

Venture capital activity in biotech remains robust, even as the FDA declined to file Moderna’s vaccine application this week. Iliad’s nine‑digit Series B, led by RA Capital, signals investor confidence in differentiated delivery methods and early‑stage infectious‑disease platforms. The participation of Janus Henderson and BNP Paribas Alts highlights a broader institutional shift toward high‑growth, non‑traditional vaccine candidates that can address unmet public‑health needs.

Intranasal vaccination offers a needle‑free approach that can improve compliance and induce mucosal immunity, a critical advantage for respiratory pathogens like Bordetella pertussis. Pertussis continues to cause significant morbidity worldwide, and current injectable vaccines have limitations in durability and herd protection. Iliad’s platform aims to deliver a more effective, user‑friendly solution, positioning the company to capture a sizable share of the global pertussis market and potentially expand to other respiratory diseases.

Meanwhile, Gubra’s launch of a venture‑creation unit reflects Denmark’s strategic push to nurture homegrown biotech entrepreneurship. By providing seed funding, lab space, and business expertise, the unit seeks to translate Gubra’s scientific assets into independent startups, accelerating innovation cycles. This move strengthens Europe’s biotech ecosystem, offering a counterbalance to U.S.‑centric funding streams and fostering cross‑border collaborations that can enhance drug discovery pipelines across the continent.