Philly life sciences is kicking off the new year with a major raise from a new biotech company.
Alveus Therapeutics emerged from stealth today, announcing an almost $160 million Series A to fund its next stage of growth.
The Philly-based startup, which is developing a weight-loss drug called ALV-100, spun out of local life sciences investment firm New Rhein Healthcare Investors in 2024. New Rhein led the Series A round along with Andera Partners and Omega Funds. Sanofi Capital, Kurma Partners and Avego BioScience Capital also contributed.
“With world-class investors and a team that has repeatedly brought metabolic medicines from concept to commercialization, Alveus is well positioned to lead the next wave of innovation in obesity therapeutics,” Alveus CEO Raj Kannan said.
The company aims to stand out from other GLP-1s like Ozempic by focusing on not only dropping weight but also keeping it off. Wegovy, another competitor in the space, was recently approved to distribute an oral GLP-1, instead of the traditional injection. Alveus is exploring both approaches, according to a press release.
New Rhein Healthcare Investors pulled together a team of biotech leaders based around the world with experience at pharmaceutical companies like Eli Lilly and Novo Nordisk to develop weight-loss drugs, per the Philadelphia Business Journal.
While headquartered in Center City, Alveus’ research and development operations are based in Copenhagen, Denmark.
Alveus Therapeutics did not immediately respond to Technical.ly’s request for comment.
A huge raise after a mixed year
This news follows a rollercoaster year for the life sciences ecosystem in Philadelphia.
The region’s life sciences community experienced wins like investment from major players like Eli Lilly and Thermo Fisher Scientific. But 2025 also saw major layoffs and local companies shutting down.
While the region touts its success in research and workforce development, local companies still struggle to bring in cash, especially from local investors. In general, venture capital was hard to come by in 2025 as the market fluctuated.
“You would think that capital is global,” Ira Spector, CEO of SFA Therapeutics, previously told Technical.ly. “And in some cases it is, but it’s nice if there’s a network in your own region.”
