Caris Life Sciences landed more than $800 million in funding.
The Irving company, which is bringing a multi-pronged approach to helping treat cancers, has raised an $830 million growth equity round at a post-money valuation of $7.83 billion, it said in a statement Tuesday.
Caris has now raised roughly $1.3 billion in external financing since 2018. In October, the company announced it had raised $310 million in growth capital, including $235 million in equity financing.
Shearman & Sterling advised Caris in the transaction with a team co-led by New York-based partner Robert Masella and Austin-based partner Russ Denton, with Austin-based associates Cassandra Cuellar and Kira Richards and Dallas-based associate Sara Prendergast.
The company has been getting more attention as demand for personalized cancer care expands. Caris helps patients and physicians seeking to better understand their specific cancers to develop customized treatment plans that assist with outcomes.
This financing provides strategic capital for ongoing commercial expansion along with investment toward delivering a liquid biopsy platform, a non-invasive alternative in some cases.
“This recent raise will help us bring our market-leading science and technologies to as many patients as possible, ultimately reinventing cancer care,” CEO David Halbert said in a statement. “We plan to unlock the full potential of precision medicine through comprehensive interrogation of cancer at the molecular level.”
The new round was led by Sixth Street, a global investment firm that made its third investment in Caris since 2018. Also, funds and accounts advised by T. Rowe Price Associates, Silver Lake and Fidelity Management & Research Company LLC were among the significant participants in the round.
Ropes & Gray advised Sixth Street in the transaction.
All existing investors from last year’s financing participated in the new deal along with “a number of new investors,” the company said.
“Since … 2018, Caris has steadily advanced its position as the market-leading precision medicine company by continuing to advance innovative product development and pursuing new initiatives in blood-based molecular science profiling, while expanding the application of its artificial intelligence platform,” said Vijay Mohan, co-founding partner at Sixth Street, and Caris board member, in a statement.