Boston-based Celea Therapeutics announced the completion of a USD 180 million private placement to fund initiation of a pivotal Phase III trial in idiopathic pulmonary fibrosis (IPF). The financing positions Celea to pursue the first head-to-head superiority trial in IPF, a design that could establish a new commercial and clinical benchmark if successful.
The round drew a syndicate of named and unnamed investors: RA Capital Management, Leaps by Bayer, and PureTech Health (LSE: PRTC) — Celea's founder and a related-party participant — alongside an undisclosed large US healthcare-focused fund and a leading sovereign wealth fund. No financial intermediaries were named, consistent with a direct private placement structure. PureTech retains a 35.4% equity stake in Celea, up to USD 190 million in regulatory milestones, non-dilutive royalties on net sales, and 20% of sublicense income under the asset transfer agreement executed at Celea's August 2025 launch.
The proceeds will fund the SURPASS-IPF Phase III trial, targeted to initiate in early Q3 2026. SURPASS-IPF is a global, randomized, double-blind, head-to-head study comparing deupirfenidone (LYT-100) 825 mg three times daily against pirfenidone 801 mg three times daily in treatment-naive IPF patients, with change in absolute forced vital capacity at week 52 as the primary endpoint. The trial is designed to demonstrate superiority, not merely non-inferiority, over an approved standard of care — a structurally more demanding and commercially differentiated design than prior IPF pivotal programs. The FDA confirmed at a successful End-of-Phase II meeting in December 2025 that a single Phase III trial, if successful, could support registration via the 505(b)(2) pathway.