News Summary

• ByteDance closed a $290M funding round for Anew Labs, its newly spun-off AI drug discovery unit, at a $1.5B valuation.
• The company that owns TikTok will retain 56% of the business after this round, according to the same sources.
• The spin-off was first mentioned a few days earlier by Intelligent Emergence, a 36Kr publication, which stated that approximately 50 of the core staff would move to the new company.
• In April, Chris Li, who heads the biology department, showed off an AI-designed IL-17 inhibitor at the American Association of Immunologists’ meeting in Boston.