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- Affinivax
Affinivax Acquisition, Valuation, Funding & Investors
Affinivax was acquired by GSK for $2.1B in 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
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
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Valuation
$2.1B (acquired May 2022)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 31 May 2022 | Strategic 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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2021 | Series C | Foresite 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 | $226M | Affinivax, 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 2020 | Series B | Viking Global Investors (lead); Ziff Capital Partners; Bain Capital | $120M | Affinivax, 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 2018 | Series A | - | $7M | Affinivax, 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 2016 | Series A | Bill & Melinda Gates Foundation (lead) | $3M | Affinivax, 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Apr 2020 | ||
| 2 | Lead | Apr 2020 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Lead | Feb 2016 | ||
| 1 | Lead | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Lead | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 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 TrialAffinivax Competitors
Affinivax competitors include listed companies like Biohaven, Duality Biotherapeutics, Zenas BioPharma and Bausch Health, and private ones like Inari and Orano Med.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | - | ($727M) | $2.1B | 36.8x | ||
| Publicly listed | $276M | ($400M) | $2.1B | 8.3x | ||
| Publicly listed | $10M | ($383M) | $2.1B | 169.5x | ||
| Publicly listed | $10B | $3.1B | $2.1B | 2.1x | ||
| Private | $383M | - | $2.2B | - | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($727M) | - | 36.8x | (2.9x) | (4.4x) | |||
| $276M | ($400M) | 6.2x | 8.3x | (4.3x) | (15.3x) | |||
| $10M | ($383M) | 174.1x | 169.5x | (4.6x) | (5.1x) | |||
| $10B | $3.1B | 2.2x | 2.1x | 7.2x | 5.7x | |||
| $474M | ($815K) | 4.3x | 4.2x | (2516.1x) | (47.7x) | |||
| $63M | ($211M) | 27.4x | 10.9x | (8.2x) | (11.3x) | |||
| - | ($208M) | - | - | (9.6x) | (7.9x) | |||
| $226M | $84M | 8.7x | 8.0x | 23.2x | 23.0x | |||
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. |
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