35Pharma Acquisition, Valuation, Funding & Investors

35Pharma was acquired by GSK for $950M in February 2026.

35Pharma acquisition price

$950M

Acquired by GSK · Feb 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

CanadaCanada

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$950M (acquired Feb 2026)

35Pharma Acquisition

35Pharma was acquired by GSK for $950M on 25 February 2026.

Before the acquisition 35Pharma had raised $53M across 1 funding round.

35Pharma acquisition details
AcquirerDateTypePrice
25 Feb 2026Strategic M&A$950M

35Pharma Funding History

35Pharma has raised a total of $53M across 1 funding round.

35Pharma funding rounds

35Pharma funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2024Series CFrazier Life Sciences (lead); Marshall Wace; Janus Henderson; Vivo Capital; Deep Track Capital; Logos Capital; Columbia Threadneedle Investments; Paradigm BioCapital Advisors; venBio Partners; Surveyor Capital$53M35Pharma 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

Investors in 35Pharma by funding rounds participated
InvestorHQRoundsRoleFirst check
Marshall WaceUnited KingdomLondon1ParticipantNov 2024
Janus HendersonUnited StatesLondon1ParticipantNov 2024
Vivo CapitalUnited StatesUnited States1ParticipantNov 2024
Deep Track CapitalUnited StatesGreenwich, CT1ParticipantNov 2024
Logos CapitalUnited StatesSan Francisco, CA1ParticipantNov 2024
Columbia Threadneedle InvestmentsUnited StatesBoston, MA1ParticipantNov 2024
Frazier Life SciencesUnited StatesSan Francisco, CA1LeadNov 2024
Paradigm BioCapital AdvisorsUnited StatesNew York City, NY1ParticipantNov 2024

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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35Pharma Competitors

35Pharma competitors include listed companies like Solid Biosciences, Changchun BCHT, Zhejiang Ausun and Mega Lifesciences, and private ones like InduPro and Bionyra.

Public and private companies comparable to 35Pharma
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
InduProUnited StatesSeattle, WAPrivate--$950M-
Solid BiosciencesUnited StatesUnited StatesPublicly listed-($183M)$951M-
Changchun BCHTChinaChinaPublicly listed$90M($30M)$941M10.9x
Zhejiang AusunChinaChinaPublicly listed$118M$29M$941M6.5x
Mega LifesciencesThailandThailandPublicly listed$425M$82M$936M1.9x
BionyraFranceParisPrivate--$985M-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Solid Biosciences-($183M)--(3.2x)(2.7x)
Changchun BCHT$90M($30M)10.7x10.9x(32.5x)(36.5x)
Zhejiang Ausun$118M$29M7.1x6.5x28.9x15.3x
Mega Lifesciences$425M$82M2.0x1.9x10.2x8.4x
Daewoong Pharmaceutical$1.1B$184M1.4x1.4x8.6x7.8x
Sana Biotechnology-($235M)--(3.6x)(4.6x)
Chengdu Kanghua$174M$50M4.7x4.4x16.6x16.3x
Kaken Pharmaceutical$494M$35M1.4x1.3x19.4x15.4x

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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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