Ajax Therapeutics Acquisition, Valuation, Funding & Investors

Ajax Therapeutics was acquired by Eli Lilly for $2.3B in April 2026.

Ajax Therapeutics acquisition price

$2.3B

Acquired by Eli Lilly · Apr 2026

Cumulative funding Ajax Therapeutics raised

$143M

across 3 funding rounds

Key investors in Ajax Therapeutics

  • Boxer Capital
  • EcoR1 Capital
  • Schrödinger
  • Inning One Ventures
  • RA Capital Management
  • Point72 Ventures
  • Goldman Sachs Asset Management
  • Vivo Capital

Ajax Therapeutics Overview

About Ajax Therapeutics

Ajax Therapeutics is a New York City-based biotechnology company that employs computational chemistry and structure-based design to create small molecule inhibitors for hematologic malignancies. The firm targets mutated kinases driving myeloproliferative neoplasms, with its lead candidate in Phase 1 trials. Ajax Therapeutics collaborates with Bristol Myers Squibb and maintains a pipeline addressing sickle cell disease.


Founded

2019

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$193M (May 2024)

Ajax Therapeutics Acquisition

Ajax Therapeutics was acquired by Eli Lilly for $2.3B on 26 April 2026.

Before the acquisition Ajax Therapeutics had raised $143M across 3 funding rounds.

Eli Lilly agreed to acquire Ajax Therapeutics for up to $2.3 billion in cash, including an undisclosed upfront payment and milestone payments tied to clinical and regulatory achievements for AJ1-11095. The deal, announced April 27, 2026, is subject to customary closing conditions and marks Lilly's second oncology acquisition that month. The acquisition bolsters Lilly's oncology pipeline by adding a first-in-class, once-daily oral Type II JAK2 inhibitor, AJ1-11095, currently in Phase 1 trials for myelofibrosis and polycythemia vera in patients previously treated with Type I JAK2 inhibitors. Dose selection and proof-of-concept data are expected in 2026. It targets unmet needs in myeloproliferative neoplasms, a group of rare chronic blood cancers. Ajax Therapeutics is a clinical-stage biotech focused on next-generation JAK inhibitors for myeloproliferative neoplasms.

Ajax Therapeutics acquisition details
AcquirerDateTypePrice
26 Apr 2026Strategic M&A$2.3B

Ajax Therapeutics Valuation

Ajax Therapeutics is currently valued at $193M, based on its Series C in May 2024.

The $95M round was led by Goldman Sachs Asset Management, with participation from Boxer Capital, Point72 Ventures, Eli Lilly & Company Foundation, Vivo Capital, Inning One Ventures and 3 other investors.

Ajax Therapeutics valuation by funding round

Ajax Therapeutics valuation by funding round
DateStageValuation
May 2024Series C$193M

Ajax Therapeutics Funding History

Ajax Therapeutics has raised a total of $143M across 3 funding rounds.

Ajax Therapeutics' first fundraising round was a $8M Series A in June 2019. The most recent completed round was a $95M Series C in May 2024.

Ajax Therapeutics funding rounds

Ajax Therapeutics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2024Series CGoldman Sachs Asset Management (lead); Boxer Capital; Point72 Ventures; Eli Lilly & Company Foundation; Vivo Capital; Inning One Ventures; RA Capital Management; Schrödinger; EcoR1 Capital$95M$193MAjax Therapeutics is a biotechnology company developing novel Type II JAK2 inhibitors to target cytokine signaling pathways driving hematologic malignancies, particularly myeloproliferative neoplasms (MPNs) like myelofibrosis. The company's lead candidate, AJ1-11095, is the first Type II JAK2 inhibitor to enter clinical trials, with a Phase 1 study in myelofibrosis patients expected to begin in the second half of 2024 following U.S. FDA clearance of its investigational new drug application. Ajax originated from the 'Attack JAK' academic consortium, including experts from Memorial Sloan Kettering Cancer Center, and leverages computational chemistry in collaboration with Schrödinger. On May 13, 2024, Ajax closed an oversubscribed $95 million Series C financing round led by Goldman Sachs Asset Management (Alternatives), with participation from new investors Eli Lilly and Company, Vivo Capital, RA Capital Management, Point72 Ventures, and existing investors EcoR1 Capital, Boxer Capital, Schrödinger, and Inning One Ventures. The pre-money valuation was $97.5 million, implying a post-money valuation of approximately $192.5 million. Concurrent with the financing, Amit Sinha and Ming Cheah from Goldman Sachs joined the board. Proceeds will fund clinical development of AJ1-11095 and advancement of the MPN pipeline. Ajax aims to address unmet needs in MPN treatment, where current Type I JAK2 inhibitors like Incyte's Jakafi (ruxolitinib) provide symptomatic relief but limited disease modification. The company claims AJ1-11095 offers deeper, more durable responses by targeting JAK2 in its inactive state. This follows a $40 million Series B in June 2021.
Jun 2021Undisclosed stageEcoR1 Capital (lead); Boxer Capital; NYU Langone Health; Inning One Ventures; Memorial Sloan Kettering Cancer Center; Schrödinger$40M-Ajax Therapeutics, Inc. is a biotechnology company applying computational chemistry and structure-based technologies to develop novel small molecules targeting cytokine signaling pathways for hematologic malignancies, particularly myeloproliferative neoplasms (MPNs). Founded in 2019, the company leverages proprietary insights from world-class scientific founders in hematologic malignancies, genetics, and structural biology, with a strategic collaboration with co-founder Schrödinger, Inc. to build a pipeline of selectively targeted therapeutics. On June 1, 2021, Ajax closed a $40 million financing round led by new investor EcoR1 Capital LLC, with participation from new investor Boxer Capital LLC, and existing investors Inning One Ventures L.P., Schrödinger, Inc. (Nasdaq: SDGR), Memorial Sloan Kettering Cancer Center (Endowment Arm), and NYU Langone Health. Scott Platshon of EcoR1 Capital joined the company's board of directors. The round included 14 total investors and raised $37,382,554 under Regulation D exemption. Proceeds support advancing drug development programs toward the clinic. The financing builds on progress since inception, focusing on unique approaches to cytokine signaling pathways driving hematologic malignancies. Ajax has since raised additional capital, including a $95 million oversubscribed Series C in May 2024 led by Goldman Sachs Alternatives to advance first-in-class Type II JAK2 inhibitor AJ1-11095 into Phase 1 trials for myelofibrosis, with total capital raised reaching about $145 million by 2024.
Jun 2019Series A-$8M-Ajax Therapeutics is a biotechnology company developing selective Type II JAK2 inhibitors for the treatment of myeloproliferative neoplasms (MPNs). Founded in 2019 by Martin Vogelbaum, the company applies computational chemistry and structure-based drug discovery technologies to create targeted therapies. The company completed its Series A funding round in June 2019, raising $8 million to support early-stage drug development programs. As an early-stage private biotech company at the time of this round, the company had not yet disclosed revenue metrics or detailed financial performance data.

Who has invested in Ajax Therapeutics?

11 investors have backed Ajax Therapeutics across its funding rounds, including Boxer Capital, EcoR1 Capital, Schrödinger, Inning One Ventures, RA Capital Management and Point72 Ventures.

Lead investors include Goldman Sachs Asset Management and EcoR1 Capital.


Ajax Therapeutics Investors

Investors in Ajax Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
Boxer CapitalUnited StatesOrlando, FL2ParticipantJun 2021
Inning One VenturesUnited StatesNew York City, NY2ParticipantJun 2021
SchrödingerUnited StatesNew York City, NY2ParticipantJun 2021
EcoR1 CapitalUnited StatesSan Francisco, CA2LeadJun 2021
Point72 VenturesUnited StatesNew York City, NY1ParticipantMay 2024
NYU Langone HealthUnited StatesNew York City, NY1ParticipantJun 2021
Eli Lilly & Company FoundationUnited StatesIndianapolis, IN1ParticipantMay 2024
Vivo CapitalUnited StatesUnited States1ParticipantMay 2024
Memorial Sloan Kettering Cancer CenterUnited StatesUnited States1ParticipantJun 2021

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Ajax Therapeutics Competitors

Ajax Therapeutics competitors include listed companies like Buchang Pharma, Sinocelltech Group, SELLAS Life Sciences and Nektar Therapeutics, and private ones like Insitro and Orano Med.

Public and private companies comparable to Ajax Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Buchang PharmaChinaChinaPublicly listed$1.8B$173M$2.3B-
Sinocelltech GroupChinaChinaPublicly listed$233M($45M)$2.3B11.8x
SELLAS Life SciencesUnited StatesUnited StatesPublicly listed-($28M)$2.3B-
Nektar TherapeuticsUnited StatesUnited StatesPublicly listed$55M($139M)$2.3B37.8x
InsitroUnited StatesSan Francisco, CAPrivate--$2.2B-
Orano MedUnited StatesDallas, TXPrivate--$2.2B-

Ajax Therapeutics Public Comps

Ajax Therapeutics is no longer listed, but its public comps include Buchang Pharma, Sinocelltech Group, SELLAS Life Sciences, Nektar Therapeutics, HUTCHMED (China), Aurinia Pharmaceuticals, Brightgene Bio-medical, ABL Bio, Ocular Therapeutix and Palvella Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Buchang Pharma$1.8B$173M1.5x-14.8x-
Sinocelltech Group$233M($45M)11.6x11.8x(59.8x)-
SELLAS Life Sciences-($28M)--(77.5x)-
Nektar Therapeutics$55M($139M)31.3x37.8x(12.5x)(8.2x)
HUTCHMED (China)$549M$465M1.8x1.6x2.1x61.4x
Aurinia Pharmaceuticals$283M$124M6.6x5.9x15.1x10.1x
Brightgene Bio-medical$182M$34M13.7x14.0x72.4x68.3x
ABL Bio$58M($27M)39.6x32.0x(86.3x)(45.8x)

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Common questions about Ajax Therapeutics

When was Ajax Therapeutics founded?Ajax Therapeutics was founded in 2019.
Where is Ajax Therapeutics headquartered?Ajax Therapeutics is headquartered in United States.
Is Ajax Therapeutics publicly listed?No, Ajax Therapeutics was acquired by Eli Lilly in April 2026.
Who acquired Ajax Therapeutics?Ajax Therapeutics was acquired by Eli Lilly in April 2026.
How much was Ajax Therapeutics acquired for?Ajax Therapeutics was acquired for $2.3B in April 2026.
What is Ajax Therapeutics' valuation?Ajax Therapeutics was last valued at $193M in its Series C in May 2024.
How much funding has Ajax Therapeutics raised?Ajax Therapeutics has raised $143M across 3 funding rounds.
What was Ajax Therapeutics' last funding round?Ajax Therapeutics' last funding round was a $95M Series C in May 2024, led by Goldman Sachs Asset Management.
Who are Ajax Therapeutics' investors?Ajax Therapeutics' investors include Boxer Capital, Inning One Ventures, Schrödinger, EcoR1 Capital, Point72 Ventures, NYU Langone Health, Eli Lilly & Company Foundation, Vivo Capital, Memorial Sloan Kettering Cancer Center, RA Capital Management and 1 other.
Which companies are comparable to Ajax Therapeutics?Companies comparable to Ajax Therapeutics include Buchang Pharma, Sinocelltech Group, SELLAS Life Sciences, Nektar Therapeutics, Insitro and Orano Med.

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