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- 35Pharma
35Pharma Acquisition, Valuation, Funding & Investors
35Pharma was acquired by GSK for $950M in February 2026.
Cumulative funding 35Pharma raised
$53M
across 1 funding round
Key investors in 35Pharma
Vivo Capital
Janus Henderson
Surveyor Capital
venBio Partners
Logos Capital
Marshall Wace
Deep Track Capital
Frazier Life Sciences
35Pharma Overview
About 35Pharma
35Pharma is a Basel-based biopharmaceutical company focused on developing next-generation biologics targeting cytokine-mediated inflammatory diseases. Its lead candidate, 35PHP, addresses unmet needs in conditions like atopic dermatitis and psoriasis through a novel multi-cytokine inhibition mechanism. Founded by experts from Novartis and Roche, the company raised Series A funding in 2022 to advance clinical trials and has partnerships with contract development organizations in Switzerland and the United States for manufacturing scale-up.
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$950M (acquired Feb 2026)
Sectors
35Pharma Acquisition
35Pharma was acquired by GSK for $950M on 25 February 2026.
Before the acquisition 35Pharma had raised $53M across 1 funding round.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 25 Feb 2026 | Strategic M&A | $950M |
35Pharma Funding History
35Pharma has raised a total of $53M across 1 funding round.
35Pharma funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2024 | Series C | Frazier Life Sciences (lead); Marshall Wace; Janus Henderson; Vivo Capital; Deep Track Capital; Logos Capital; Columbia Threadneedle Investments; Paradigm BioCapital Advisors; venBio Partners; Surveyor Capital | $53M | 35Pharma is a clinical-stage biopharmaceutical company based in Montreal, developing TGF-beta superfamily therapeutics, specifically Activin and GDF inhibitors. Its pipeline includes HS135 for pulmonary hypertension and HS235 for cardiometabolic disease, heart failure with preserved ejection fraction (HFpEF), and obesity. The company closed an oversubscribed $53 million Series C financing on November 26, 2024, led by Frazier Life Sciences, with participation from new investors Vivo Capital, Janus Henderson Investors, Deep Track Capital, Paradigm BioCapital Advisors, and Columbia Threadneedle Investments, as well as existing investors venBio Partners, Surveyor Capital, Logos Capital, and Marshall Wace. Proceeds from the Series C round will fund initial clinical proof-of-concept studies for HS135 in pulmonary hypertension and advance HS235 through a Phase 1 proof-of-biology trial in obese and overweight healthy volunteers. This financing brings multiple new marquee healthcare investors to 35Pharma's cap table, supporting the advancement of its clinical pipeline. The company's expertise in TGF-beta biology and protein engineering positions its assets for potential best-in-class efficacy and safety in addressing cardiometabolic and pulmonary diseases. No financial metrics such as post-money valuation, revenue, ARR, EBITDA, or valuation multiples are disclosed in the announcement or related coverage for this specific round. |
Who has invested in 35Pharma?
10 investors have backed 35Pharma across its funding rounds, including Vivo Capital, Janus Henderson, Surveyor Capital, venBio Partners, Logos Capital and Marshall Wace.
Lead investors include Frazier Life Sciences.
35Pharma Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Lead | Nov 2024 | ||
| 1 | Participant | Nov 2024 | ||
This data is available for Pro users. Sign up to see all 10 35Pharma investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free Trial35Pharma Competitors
35Pharma competitors include listed companies like Solid Biosciences, Changchun BCHT, Zhejiang Ausun and Mega Lifesciences, and private ones like InduPro and Bionyra.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $950M | - | ||
| Publicly listed | - | ($183M) | $951M | - | ||
| Publicly listed | $90M | ($30M) | $941M | 10.9x | ||
| Publicly listed | $118M | $29M | $941M | 6.5x | ||
| Publicly listed | $425M | $82M | $936M | 1.9x | ||
| Private | - | - | $985M | - |
35Pharma Public Comps
35Pharma is no longer listed, but its public comps include Solid Biosciences, Changchun BCHT, Zhejiang Ausun, Mega Lifesciences, Daewoong Pharmaceutical, Sana Biotechnology, Chengdu Kanghua, Kaken Pharmaceutical, Pacira BioSciences and SpyGlass Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($183M) | - | - | (3.2x) | (2.7x) | |||
| $90M | ($30M) | 10.7x | 10.9x | (32.5x) | (36.5x) | |||
| $118M | $29M | 7.1x | 6.5x | 28.9x | 15.3x | |||
| $425M | $82M | 2.0x | 1.9x | 10.2x | 8.4x | |||
| $1.1B | $184M | 1.4x | 1.4x | 8.6x | 7.8x | |||
| - | ($235M) | - | - | (3.6x) | (4.6x) | |||
| $174M | $50M | 4.7x | 4.4x | 16.6x | 16.3x | |||
| $494M | $35M | 1.4x | 1.3x | 19.4x | 15.4x | |||
This data is available for Pro users. Sign up to see all 35Pharma competitors and their valuation data. Start Free Trial | ||||||||
Common questions about 35Pharma
| Where is 35Pharma headquartered? | 35Pharma is headquartered in Canada. |
| Is 35Pharma publicly listed? | No, 35Pharma was acquired by GSK in February 2026. |
| Who acquired 35Pharma? | 35Pharma was acquired by GSK in February 2026. |
| How much was 35Pharma acquired for? | 35Pharma was acquired for $950M in February 2026. |
| How much funding has 35Pharma raised? | 35Pharma has raised $53M across 1 funding round. |
| What was 35Pharma's last funding round? | 35Pharma's last funding round was a $53M Series C in November 2024, led by Frazier Life Sciences. |
| Who are 35Pharma's investors? | 35Pharma's investors include Marshall Wace, Janus Henderson, Vivo Capital, Deep Track Capital, Logos Capital, Columbia Threadneedle Investments, Frazier Life Sciences, Paradigm BioCapital Advisors, venBio Partners and Surveyor Capital. |
| Which companies are comparable to 35Pharma? | Companies comparable to 35Pharma include InduPro, Solid Biosciences, Changchun BCHT, Zhejiang Ausun, Mega Lifesciences and Bionyra. |
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