‘We’re moving quickly’: Startup bags rare disease drug as Thiel-backed CEO eyes $50M fundraise

Biotech ‘We’re moving quickly’: Startup bags rare disease drug as Thiel-backed CEO eyes $50M fundraise By Darren Incorvaia Jul 22, 2026 4:00am Licensing deals rare diseases Peter Thiel venture capital (VC) A U.S.-based rare disease startup with a mission to repurpose proven drugs has licensed a Chinese formulation of a well-known medicine and set its sights on a $50 million fundraise. Ashlins Pharmaceuticals penned a deal worth up to $31 million with Hong Kong-based Lee’s Pharmaceutical for the ex-China rights to a version of interferon alpha-2b, an ingredient used in a variety of approved drugs for infectious diseases, cancer and more. The deal, which was announced July 21, consists of an upfront fee as well as milestone payments, although the companies didn't offer a breakdown of the financials. Interferon alpha-2b was sold as Intron A by Merck & Co. for certain types of cancers and hepatitis B virus until 2022, when the Big Pharma discontinued the medicine for commercial reasons. This decision left many patients with rare diseases, who were prescribed the drug off-label, in the lurch, Ashlins founder and CEO Jennifer Lin told Fierce. “Our goal is to in-license the active ingredient, which we've done, and develop it for formal FDA approval for these rare disease patients,” Lin said. Ashlins isn’t disclosing the specific indication it is developing interferon alpha-2b for just yet, but the company has a pre-investigational new drug application meeting scheduled with the FDA in early August. “We're definitely moving very quickly and efficiently,” the CEO said. In addition to the newly licensed program, Ashlins has another candidate being developed in-house by the company’s core team of five employees. While Lin again wouldn’t disclose the specific indication the program is targeting, she said Ashlins is also pursuing rare metabolic diseases, tropical diseases and hair loss. Lin founded Ashlins last year after departing AUG Therapeutics. AUG licensed a trio of rare disease drug candidates from Avalo Therapeutics in 2023, the most advanced of which is now in phase 3 testing for leukocyte adhesion deficiency type 2. With AUG in a stable place, Lin decided to move on to a new venture where she could spend the next 10 or 20 years of her career, she told Fierce. Her focus with Ashlins, she explained, is to broaden access to drugs that are already known to work. “There are a lot of therapies that are effective, they're clinically validated, but for one reason or another access is a real issue for patients,” Lin said. She gave the example of drugs approved outside the U.S. that might not be available domestically due to different manufacturing or regulatory requirements. “Ashlins is really focused on developing these overlooked therapeutic opportunities,” she said. The biotech has raised just $1.7 million so far, primarily from Silicon Valley firm Mythos Ventures. Lin is also a recipient of a Thiel Fellowship, a two-year, $250,000 program backed by tech billionaire Peter Thiel. With the licensing deal in the books and a meeting with the FDA set, Lin is now looking to raise around $50 million for Ashlins in October. That should be enough cash to bring Ashlins’ first program through to FDA approval and also further build up the pipeline, she told Fierce. “We really go after de-risked paths, so it's never a biology question, but more of a question of timeline and then access to capital,” Lin said. “Through the Thiel network and then through some of my existing life science contacts, I think we have a unique way to access capital that some of the more traditional biotech folks don't have.” Licensing deals rare diseases Peter Thiel venture capital (VC) Deals Venture Capital Biotech