Osanni Bio raised $190 million in a Series B to build a portfolio focused on ophthalmology and cardiology. The San Francisco biotech is pursuing a structure that creates “affiliate companies” to advance drug candidates through development. The funding supports expansion of clinical and preclinical efforts across two therapeutic areas where long-term development cycles and specialized endpoints can create differentiated value. Osanni’s approach also reflects a broader industry strategy: creating modular corporate structures to manage risk across multiple assets and indications. For investors and partners, the financing signals continued appetite for platform-style biotechs with clear therapeutic focus, while offering potential pathways to later partnering or monetization within affiliate structures.