Baker Bros. completed an investment in Leap Therapeutics.

Baker Bros., a private hedge fund sponsor, completed the investment in Leap Therapeutics, a clinical-stage biopharmaceutical firm acquiring and developing novel therapeutics at the leading edge of cancer research. Financial terms were not disclosed. Upon approval by the Leap stockholders, the Series A mandatorily convertible preferred stock will automatically convert into pre-funded warrants to purchase 14m shares of Leap common stock. Upon stockholder approval and conversion of the preferred stock, Baker Bros. will also receive warrants to purchase up to an equal number of shares of common stock.