Eikon Therapeutics, a new drug company led by Merck & Co.’s former research head, has secured substantial funding, raising $351 million from investors like Lux Capital. This marks one of the largest funding rounds for a biotech firm in 2025, bringing Eikon’s total funding to about $1.1 billion since it started in 2019.
The company is based on a Nobel Prize-winning technology that allows scientists to see how proteins move inside cells. Eikon launched in 2021 with Roger Perlmutter, previously Merck’s research chief, as CEO. Eikon is developing over 15 potential drugs for cancer, inflammatory, and neurological diseases, with some of the furthest developed drugs acquired through deals.
Eikon’s main drug candidate, EIK1001, targets proteins to fight tumors. Eikon got this drug from Seven and Eight Biopharmaceuticals and is now testing it in advanced stages. A major trial is comparing EIK1001 combined with Merck’s Keytruda to Keytruda alone for treating melanoma. Another study is testing it for lung cancer.
Eikon also has two PARP inhibitors, which are drugs that may treat cancer. One is being tested for solid tumors, and the other aims to treat brain cancer by crossing the blood-brain barrier, with trials starting soon.
Perlmutter stated that the funding would help Eikon become a modern biotech company using advanced technology and experience. He expects Eikon’s drug development pipeline to grow through both internal efforts and strategic partnerships.
Eikon’s funding aligns with a trend where biotech companies are securing large investments over $100 million. This trend is due to investors preferring to make fewer, bigger investments as a safer strategy. In 2025, at least 11 biotech firms have received such large investments, with Eikon’s funding being second only to Verdiva Bio’s $411 million for obesity drugs. Eikon’s leadership also includes other former Merck executives, such as Roy Baynes and Mike Klobuchar.