Venrock Healthcare Capital Partners, a private equity firm, led a $107m Series C round in Lycia Therapeutics, a specialist in extracellular protein degradation, with participation from Janus Henderson Investors, Marshall Wace, Franklin Templeton, Redmile Group, RTW Investments, Blue Owl Healthcare Opportunities, Invus, Eli Lilly and Company and Alexandria Venture Investments. Lycia’s next-generation degradation approach leveraging lysosomal targeting chimeras, or LYTACs, is designed to target the untapped extracellular proteome, including transmembrane and secreted proteins. Lycia has made notable progress advancing its pipeline of LYTACs and will use the proceeds from the Series C financing to advance its lead programs into the clinic for autoimmune and inflammatory diseases.