Caldera Therapeutics announced its launch with $112.5 million in combined Series A/A‑1 financing and dosed the first healthy volunteers in a Phase I study of CLD‑423, a dual‑target bispecific for inflammatory bowel disease licensed from China’s Qyuns Therapeutics. The Cambridge startup raised capital from Atlas Venture, LAV, venBio, Omega Funds, Wellington Management and others, and paid roughly $10 million up front for the China‑origin program. CLD‑423 targets TL1A and IL‑23p19 — two validated inflammatory pathways — in a single molecule. Caldera’s launch illustrates a growing playbook: western biotech buys clinical‑ready candidates from Chinese innovators to accelerate US/EU development. The strategy aims to compress timelines and reduce early discovery costs while positioning companies to compete in large, established inflammatory markets.