Biotheryx Valuation, Funding & Investors

Biotheryx is valued at $348M as of May 2021.

Last Biotheryx valuation

$348M

Series E · May 2021

Last Biotheryx funding round

$6M

Strategic investment · Apr 2023

Cumulative funding Biotheryx raised

$135M

across 6 funding rounds

Key investors in Biotheryx

  • Farallon Capital Management
  • MSD Partners
  • Incyte

Biotheryx Overview

About Biotheryx

Biotheryx is a Boulder-based clinical-stage biopharma developing targeted protein degraders using the PRODEGY platform. The company advances BTX-1188, a first-in-class LFA-1 degrader in phase I for psoriasis and solid tumors, alongside preclinical ITK and IRAKIMID degraders. Biotheryx licenses Cereblon E3 ligase binders for molecular glue and bifunctional PROTACs.


Founded

2007

HQ

United StatesSan Diego, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$348M (May 2021)

Biotheryx Valuation

Biotheryx is currently valued at $348M, based on its Series E in May 2021.

The $92M round was led by Farallon Capital Management.

Biotheryx valuation by funding round

Biotheryx valuation by funding round
DateStageValuation
May 2021Series E$348M

Biotheryx Funding History

Biotheryx has raised a total of $135M across 6 funding rounds.

Biotheryx's first fundraising round was a $1M seed round in June 2014. The most recent completed round was a $6M strategic investment round in April 2023.

Biotheryx funding rounds

Biotheryx funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2023Strategic investmentIncyte (lead)$6M-Biotheryx is a biopharmaceutical company discovering and developing first-in-class protein degraders focused on validated targets in cancer and inflammatory diseases, utilizing its PRODEGY platform to identify molecular glue degraders for historically undruggable oncology targets. On April 5, 2023, Biotheryx entered a research collaboration and license agreement with Incyte, where Biotheryx receives a $7 million upfront technology access fee plus up to $6 million in research and development funding for the initial target, along with up to $347 million in potential regulatory and commercial milestones and tiered single-digit royalties on global net product sales. Incyte handles further development and commercialization of any degraders discovered. The agreement allows expansion to additional targets under similar financial terms. Biotheryx's pipeline includes lead candidate BTX-1188, a dual-target protein degrader in phase 1 trials for advanced hematologic and solid tumor malignancies.
May 2021Series EFarallon Capital Management (lead)$92M$348MBiotheryx (also styled BioTheryX), a San Diego-based clinical-stage biotech founded in 2007-2008, develops targeted protein degradation therapies using molecular glues, proteolysis-targeting chimeras (PROTACs), and monovalent degraders to address undruggable targets in oncology and other diseases, including multi-kinase inhibitors for acute myeloid leukemia, myelodysplastic syndromes, and solid tumors. The company raised $92 million (some reports note ~$100MM) in a Series E round on or around May 20-25, 2021, led by Farallon Capital Management with participation from new investors like Alexandria Venture Investments, Avidity Partners, Deep Track Capital, and existing backers. Funds support advancing its pipeline, including IND-enabling work for molecular glue BTX-1188 (targeted for clinic entry late 2021) and expansion of Phase 1 multi-kinase inhibitor BTX-A51 into solid tumors, in collaboration with MD Anderson, City of Hope, and Memorial Sloan Kettering. The Series E achieved a post-money valuation of $348.42 million, providing cash to weather market conditions and prepare for potential IPO around Q4 2021 after key milestones, as noted by new CEO Robert Williamson (appointed January 2021) and CFO Jamie Donadio (joined February 2021 from Mirati). This rare late-stage private round avoided SPAC trends, emphasizing flexibility for public listing when optimal. Traction focuses on preclinical/clinical pipeline progress rather than commercial sales. Biotheryx's platform builds on molecular glue tech behind blockbuster drugs like Revlimid and Pomalyst, positioning it in the growing protein degradation field against competitors like Arvinas. The financing underscores investor confidence in its oncology pipeline despite biotech market volatility, with plans to deepen platform capabilities and hit clinical milestones for de-risking ahead of public markets.
Jul 2020Series DMSD Partners (lead)$35M-BioTheryX is a clinical-stage biopharmaceutical company focused on restoring protein homeostasis through targeted protein degradation and modulation to develop treatments for life-threatening diseases. The company's principal technology platform centers on targeted protein degradation and PHM molecular glues that enable the design of small molecules to regulate protein equilibrium. The technology is designed to utilize the body's own protein disposal system to selectively degrade and remove disease-causing proteins, with potential applicability to a broad range of diseases including targets previously considered undruggable. On July 28, 2020, BioTheryX closed a $35 million Series D financing round led by MSD Partners, L.P., the private investment firm for Michael Dell and his family. The proceeds from the financing were designated to accelerate the clinical development of the company's lead therapeutic candidate BTX-A51, which is in development for relapsed or refractory acute myeloid leukemia and high-risk myelodysplastic syndrome in Phase 1 clinical trials. In conjunction with the financing, Robert Platek, a Partner and Portfolio Manager at MSD Partners, joined BioTheryX's Board of Directors. Raymond James' Alex Brown division served as the sole placement agent for the round.
May 2015Pre-seed-$500K--
Sep 2014Pre-seed-$200K--
Jun 2014Seed-$1M--

Who has invested in Biotheryx?

3 investors have backed Biotheryx across its funding rounds, including Farallon Capital Management, MSD Partners and Incyte.

Lead investors include Incyte, Farallon Capital Management and MSD Partners.


Biotheryx Investors

Investors in Biotheryx by funding rounds participated
InvestorHQRoundsRoleFirst check
IncyteUnited StatesWilmington, DE1LeadApr 2023

This data is available for Pro users. Sign up to see all 3 Biotheryx 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

Biotheryx Competitors

Biotheryx competitors include listed companies like X4 Pharmaceuticals, Ocugen, EyePoint and Lexeo Therapeutics, and private ones like Imbria Pharmaceuticals and Beacon Therapeutics.

Public and private companies comparable to Biotheryx
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
X4 PharmaceuticalsUnited StatesUnited StatesPublicly listed$35M($74M)$347M10.1x
OcugenUnited StatesUnited StatesPublicly listed$4M($61M)$349M72.3x
Imbria PharmaceuticalsUnited StatesBoston, MAPrivate--$350M-
EyePointUnited StatesUnited StatesPublicly listed$31M($241M)$344M18.1x
Beacon TherapeuticsUnited KingdomLondonPrivate--$344M-
Lexeo TherapeuticsUnited StatesUnited StatesPublicly listed-($104M)$344M-

Biotheryx Public Comps

Biotheryx is still privately-owned, but its public comps include X4 Pharmaceuticals, Ocugen, EyePoint, Lexeo Therapeutics, Luzhu Biotech, Century Therapeutics, Evommune, Emergent BioSolutions, GlaxoSmithKline Pakistan and Heartseed.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
X4 Pharmaceuticals$35M($74M)6.2x10.1x(2.9x)-
Ocugen$4M($61M)76.4x72.3x(5.5x)-
EyePoint$31M($241M)5.9x18.1x(0.8x)(0.6x)
Lexeo Therapeutics-($104M)--(1.3x)(1.2x)
Luzhu Biotech-($17M)-771.9x(19.8x)(20.5x)
Century Therapeutics$109M($4M)2.4x8.3x(66.6x)-
Evommune$13M($71M)11.3x39.8x(2.1x)(1.4x)
Emergent BioSolutions$705M$238M1.1x1.2x3.4x5.2x

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

Start Free Trial

Common questions about Biotheryx

When was Biotheryx founded?Biotheryx was founded in 2007.
Where is Biotheryx headquartered?Biotheryx is headquartered in San Diego, CA, United States.
Is Biotheryx publicly listed?No, Biotheryx is a private, VC-backed company.
What is Biotheryx's valuation?Biotheryx was last valued at $348M in its Series E in May 2021.
How much funding has Biotheryx raised?Biotheryx has raised $135M across 6 funding rounds.
What was Biotheryx's last funding round?Biotheryx's last funding round was a $6M strategic investment round in April 2023, led by Incyte.
Who are Biotheryx's investors?Biotheryx's investors include Incyte, MSD Partners and Farallon Capital Management.
Which companies are comparable to Biotheryx?Companies comparable to Biotheryx include X4 Pharmaceuticals, Ocugen, Imbria Pharmaceuticals, EyePoint, Beacon Therapeutics and Lexeo Therapeutics.

See companies similar to Biotheryx

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