PROTAC pioneer Craig Crews has co-founded Quarry Thera with former Pfizer CSO Mikael Dolsten, securing USD 32 million Series A funding from investors – including Lilly Ventures – to develop three novel induced proximity projects. The new company follows Crews' successful ventures, including Arvinas advancing the first PROTACs to clinical stage, and Halda Therapeutics – acquired by Johnson & Johnson for USD 3.05 billion in November 2025 – based on its RIPTAC platform. Quarry will explore new applications of induced proximity strategies in oncology and immunology with plans for pharmaceutical partnerships and internal pipeline development.

Crews serves as CSO, applying his expertise from previous projects including proteasome inhibitor Kyprolis' approval and estrogen receptor PROTAC vepdegestrant's new drug application submission. Dolsen highlighted the paradigm shift potential in oral small-molecule therapeutics, enabling cell-specific delivery and malignant tissue discrimination through the novel mechanism of induced proximity. The funding supports unpublished technology platforms expanding beyond protein degradation to functional modulation applications, building on the induced proximity field's momentum following recent high-value acquisitions and partnerships across the pharmaceutical industry.

According to PharmCube's NextBiopharm® database, this is the third company to enter the induced proximity arena, and the only one available for transactions after Big Pharma purchased the Halda and Kolm earlier this year. Click here to request a free trial for NextBiopharm®.