Celea Therapeutics, a PureTech Health spinout focused on idiopathic pulmonary fibrosis (IPF), raised $180 million to advance deupirfenidone into late-stage testing. The venture funding was backed by RA Capital Management, Leaps by Bayer, PureTech, and additional unnamed investors. Celea’s program is positioned as a “retooled” version of pirfenidone (Roche’s Esbriet), with the company citing Phase 2 data showing deupirfenidone slowed lung function decline versus placebo over six months. The company plans to start late-stage development in the third quarter of 2026. The raise underscores continued appetite for IPF follow-ons even as the category already includes approved therapies such as Boehringer Ingelheim’s Ofev and other agents competing for differentiation on efficacy, tolerability, and dosing convenience.