Neomorph secured a $100 million Series B financing to advance NEO-811, an oral molecular glue degrader designed to induce targeted degradation of ARNT (HIF-1β). The company plans to use the proceeds to fund its ongoing Phase I/II trial in locally advanced or metastatic non-resectable clear cell renal cell carcinoma (ccRCC), plus to expand its broader pipeline. The financing was led by Deerfield Management, with participation including Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, and investors tied to Dana-Farber’s Binney Street Capital. Neomorph also disclosed partnerships with Novo Nordisk, Biogen, and AbbVie, including milestone potential across the collaborations. For the biotech sector, the deal highlights continued capital flow toward molecular glue degraders as developers seek differentiated approaches to HIF-pathway biology in oncology.