Osanni Bio raised $190 million in a Series B to build ophthalmology- and cardiology-focused “affiliate companies,” designed to expand clinical and translational efforts across multiple programs. The San Francisco biotech said it plans to use the capital for platform and pipeline build-out through a corporate structure that supports separate company development tracks. The financing underscores continued investor interest in disease-area specialization and the affiliate model as a way to compartmentalize risk and accelerate technical execution. For industry watchers, Osanni’s approach is another example of how mid-stage biotech financing is increasingly tied to expansion plans that create multiple potential value pools. The funding comes as investors continue seeking clearer de-risking milestones and manufacturing and development pathways that can support scaling to later clinical stages.