Affinivax Acquisition, Valuation, Funding & Investors

Affinivax was acquired by GSK for $2.1B in May 2022.

Affinivax acquisition price

$2.1B

Acquired by GSK · May 2022

Cumulative funding Affinivax raised

$356M

across 4 funding rounds

Key investors in Affinivax

  • Bain Capital
  • Viking Global Investors
  • BlackRock
  • T. Rowe Price
  • Wellington Management
  • Cormorant Asset Management
  • Perceptive Advisors
  • Foresite Capital

Affinivax Overview

About Affinivax

Affinivax is a clinical-stage biopharmaceutical company advancing pneumococcal vaccines using its Multiple Antigen Presenting System technology. Licensed from Boston Children’s Hospital, the platform targets Streptococcus pneumoniae and has received support from the Bill & Melinda Gates Foundation. Headquartered in Boston, the company progressed its lead candidate into phase 2 trials before acquisition by AstraZeneca in 2022.


Founded

2014

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$2.1B (acquired May 2022)

Affinivax Acquisition

Affinivax was acquired by GSK for $2.1B on 31 May 2022.

Before the acquisition Affinivax had raised $356M across 4 funding rounds.

Affinivax, Inc., a clinical-stage biopharmaceutical company based in Cambridge, Massachusetts, develops next-generation pneumococcal vaccines using its proprietary Multiple Antigen Presenting System (MAPS) technology. The company's lead candidate, a 24-valent pneumococcal vaccine (AFX3722), was in phase II development at the time of the deal, with additional programs targeting pediatric and higher-valent strains. GSK entered a definitive agreement on May 31, 2022, to acquire 100% of Affinivax for an upfront payment of $2.1 billion and up to $1.2 billion in potential pediatric clinical development milestones, totaling a potential $3.3 billion. The transaction closed in Q3 2022, subject to antitrust clearance under the Hart-Scott-Rodino Act, and was accounted for as a business combination. This acquisition bolstered GSK's vaccines portfolio amid competition from Pfizer and Merck in pneumococcal vaccines, providing access to Affinivax's innovative platform for broad disease coverage. Post-acquisition, GSK discontinued the adult 24-valent program in favor of a preclinical 30-plus valent candidate due to increased competition.

Affinivax acquisition details
AcquirerDateTypePrice
31 May 2022Strategic M&A$2.1B

Affinivax Funding History

Affinivax has raised a total of $356M across 4 funding rounds.

Affinivax's first fundraising round was a $3M Series A in February 2016. The most recent completed round was a $226M Series C in January 2021.

Affinivax funding rounds

Affinivax funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2021Series CForesite Capital (lead); Rock Springs Capital (lead); Wellington Management; T. Rowe Price; BlackRock; Logos Capital; Bain Capital; Viking Global Investors; EcoR1 Capital; Cormorant Asset Management; Surveyor Capital; Perceptive Advisors$226MAffinivax, a Cambridge, Massachusetts-based clinical-stage biopharmaceutical company founded in 2014, develops novel vaccines using its Multiple Antigen Presenting System (MAPS) platform, licensed from Boston Children’s Hospital with initial seed funding from the Bill & Melinda Gates Foundation. The company’s lead candidate, AFX3772, targets 24 pneumococcal serotypes as a potential challenger to Pfizer’s Prevnar franchise and is partnered with Astellas (later reacquired). The MAPS technology enables broad immune responses against infectious diseases, including hospital-associated infections. In early 2021, Affinivax closed a $226 million Series C financing round co-led by Foresite Capital and Rock Springs Capital, matching the specified investors including Bain Capital Life Sciences, BlackRock, Cormorant Asset Management, EcoR1 Capital, Logos Capital, Perceptive Advisors, Surveyor Capital, T. Rowe Price, Viking Global Investors, and Wellington Management. This followed a $120 million Series B in April 2020 led by Viking Global Investors. Proceeds funded advancement of the MAPS platform, clinical validation, and pipeline expansion beyond pneumococcal vaccines. Affinivax had approximately 70 employees at the time of its Series B and was advancing its lead pneumococcal vaccine in clinical trials with Astellas. The company was later acquired by GSK in May 2022 for $2.1 billion upfront plus up to $1.2 billion in milestones, after raising roughly $350 million in venture financing since 2020 and reacquiring full rights to AFX3772 from Astellas for $65 million. GSK aimed to bolster its vaccines pipeline with Affinivax’s technology ahead of Phase 3 trials.
Apr 2020Series BViking Global Investors (lead); Ziff Capital Partners; Bain Capital$120MAffinivax, a Cambridge, Massachusetts-based clinical-stage biotechnology company, develops vaccines and immunotherapies using its proprietary Multiple Antigen Presentation System (MAPS) technology platform, targeting challenging bacterial infections including pneumococcal disease and hospital-associated infections (HAIs). The company's lead candidate, ASP3772, a 24-serotype pneumococcal vaccine developed in partnership with Astellas Pharma, had completed Phase I trials demonstrating safety and high immunogenicity in healthy adults and was advancing toward Phase III. On April 23, 2020, Affinivax closed a $120 million Series B financing round led by Viking Global Investors, with participation from Bain Capital Life Sciences and Ziff Capital Partners. This marked the company's first major VC round after initial seed and Series A funding of $2.5 million from the Bill & Melinda Gates Foundation in 2016, supplemented by non-dilutive grants. Concurrently, Andrew Hack from Bain Capital Life Sciences and Steven Altschuler from Ziff Capital Partners joined the board. Affinivax, founded in 2014, had grown to over 70 employees in under five years while advancing MAPS into clinical testing. The Series B proceeds were allocated to progress the pneumococcal vaccine program through Phase III, advance additional MAPS-based vaccines and immunotherapies for HAIs into clinical studies, and support further pipeline expansion. Prior to this round, the company had bootstrapped via grants, foundation investment, and the Astellas collaboration, totaling around $100 million invested in its technology to generate early human data. The timing coincided with heightened investor interest in vaccines amid the COVID-19 pandemic, which spotlighted infectious disease prevention and shifted perceptions of vaccine developers, traditionally underfunded compared to oncology. Investors noted Affinivax's novel approach to critical public health needs, positioning it for potential future milestones like IPO support from its backers.
Jan 2018Series A-$7MAffinivax, a clinical-stage biopharmaceutical company, develops novel MAPS vaccines and immunotherapies, with a lead pneumococcal vaccine candidate targeting 24 serotypes. The company was founded in June 2014 and initially funded by seed and Series A equity from the Bill & Melinda Gates Foundation, non-dilutive grants, and a partnership with Astellas Pharma. In May 2018, Affinivax completed a Series C convertible preferred stock financing, selling 3,688,740 shares.
Feb 2016Series ABill & Melinda Gates Foundation (lead)$3MAffinivax, a Cambridge, MA-based biopharmaceutical company, develops next-generation pneumococcal vaccines using its Multiple Antigen Presenting System (MAPS) platform to overcome limitations of current conjugate vaccines like Prevnar by offering broader protection against all serotypes, stronger immune responses, and lower manufacturing costs. The company launched in late 2014 with an initial $4 million investment from the Bill & Melinda Gates Foundation. In February 2016, Affinivax secured an additional $2.5 million in milestone-based follow-on funding from the Gates Foundation to advance its lead MAPS-based pneumococcal vaccine candidate toward IND submission and clinical testing. The funding supports preclinical progress demonstrating protection against invasive disease and colonization. Affinivax also received undisclosed grants from PATH in February 2015 and Nosocomial Vaccine Corp. (backed by Astellas Pharma) in October 2015 for related vaccine development.

Who has invested in Affinivax?

14 investors have backed Affinivax across its funding rounds, including Bain Capital, Viking Global Investors, BlackRock, T. Rowe Price, Wellington Management and Cormorant Asset Management.

Lead investors include Foresite Capital, Rock Springs Capital, Viking Global Investors and Bill & Melinda Gates Foundation.


Affinivax Investors

Investors in Affinivax by funding rounds participated
InvestorHQRoundsRoleFirst check
Bain CapitalUnited StatesBoston, MA2ParticipantApr 2020
Viking Global InvestorsUnited StatesStamford, CT2LeadApr 2020
Wellington ManagementUnited StatesBoston, MA1ParticipantJan 2021
Ziff Capital PartnersUnited StatesNew York City, NY1ParticipantApr 2020
Bill & Melinda Gates FoundationUnited StatesSeattle, WA1LeadFeb 2016
Foresite CapitalUnited StatesSan Francisco, CA1LeadJan 2021
T. Rowe PriceUnited StatesBaltimore, MD1ParticipantJan 2021
BlackRockUnited StatesUnited States1ParticipantJan 2021
Logos CapitalUnited StatesSan Francisco, CA1ParticipantJan 2021
Rock Springs CapitalUnited StatesBaltimore, MD1LeadJan 2021
EcoR1 CapitalUnited StatesSan Francisco, CA1ParticipantJan 2021
Cormorant Asset ManagementUnited StatesBoston, MA1ParticipantJan 2021

This data is available for Pro users. Sign up to see all 14 Affinivax 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 Trial

Affinivax Competitors

Affinivax competitors include listed companies like Biohaven, Duality Biotherapeutics, Zenas BioPharma and Bausch Health, and private ones like Inari and Orano Med.

Public and private companies comparable to Affinivax
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BiohavenUnited StatesUnited StatesPublicly listed-($727M)$2.1B36.8x
Duality BiotherapeuticsChinaChinaPublicly listed$276M($400M)$2.1B8.3x
Zenas BioPharmaUnited StatesUnited StatesPublicly listed$10M($383M)$2.1B169.5x
Bausch HealthCanadaCanadaPublicly listed$10B$3.1B$2.1B2.1x
InariUnited StatesUnited StatesPrivate$383M-$2.2B-
Orano MedUnited StatesDallas, TXPrivate--$2.2B-

Affinivax Public Comps

Affinivax is no longer listed, but its public comps include Biohaven, Duality Biotherapeutics, Zenas BioPharma, Bausch Health, SK Bioscience, Nuvation Bio, Kodiak Sciences, Caplin Point Laboratories, Dermapharm Holding and UroGen Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Biohaven-($727M)-36.8x(2.9x)(4.4x)
Duality Biotherapeutics$276M($400M)6.2x8.3x(4.3x)(15.3x)
Zenas BioPharma$10M($383M)174.1x169.5x(4.6x)(5.1x)
Bausch Health$10B$3.1B2.2x2.1x7.2x5.7x
SK Bioscience$474M($815K)4.3x4.2x(2516.1x)(47.7x)
Nuvation Bio$63M($211M)27.4x10.9x(8.2x)(11.3x)
Kodiak Sciences-($208M)--(9.6x)(7.9x)
Caplin Point Laboratories$226M$84M8.7x8.0x23.2x23.0x

This data is available for Pro users. Sign up to see all Affinivax competitors and their valuation data.

Start Free Trial

Common questions about Affinivax

When was Affinivax founded?Affinivax was founded in 2014.
Where is Affinivax headquartered?Affinivax is headquartered in United States.
Is Affinivax publicly listed?No, Affinivax was acquired by GSK in May 2022.
Who acquired Affinivax?Affinivax was acquired by GSK in May 2022.
How much was Affinivax acquired for?Affinivax was acquired for $2.1B in May 2022.
How much funding has Affinivax raised?Affinivax has raised $356M across 4 funding rounds.
What was Affinivax's last funding round?Affinivax's last funding round was a $226M Series C in January 2021, led by Foresite Capital and Rock Springs Capital.
Who are Affinivax's investors?Affinivax's investors include Bain Capital, Viking Global Investors, Wellington Management, Ziff Capital Partners, Bill & Melinda Gates Foundation, Foresite Capital, T. Rowe Price, BlackRock, Logos Capital, Rock Springs Capital and 4 others.
Which companies are comparable to Affinivax?Companies comparable to Affinivax include Biohaven, Duality Biotherapeutics, Zenas BioPharma, Bausch Health, Inari and Orano Med.

See companies similar to Affinivax

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial