- Companies
- Biotheryx
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
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
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$348M (May 2021)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| May 2021 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Strategic investment | Incyte (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 2021 | Series E | Farallon Capital Management (lead) | $92M | $348M | Biotheryx (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 2020 | Series D | MSD 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 2015 | Pre-seed | - | $500K | - | - |
| Sep 2014 | Pre-seed | - | $200K | - | - |
| Jun 2014 | Seed | - | $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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Apr 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 TrialBiotheryx Competitors
Biotheryx competitors include listed companies like X4 Pharmaceuticals, Ocugen, EyePoint and Lexeo Therapeutics, and private ones like Imbria Pharmaceuticals and Beacon Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $35M | ($74M) | $347M | 10.1x | ||
| Publicly listed | $4M | ($61M) | $349M | 72.3x | ||
| Private | - | - | $350M | - | ||
| Publicly listed | $31M | ($241M) | $344M | 18.1x | ||
| Private | - | - | $344M | - | ||
| Publicly 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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $35M | ($74M) | 6.2x | 10.1x | (2.9x) | - | |||
| $4M | ($61M) | 76.4x | 72.3x | (5.5x) | - | |||
| $31M | ($241M) | 5.9x | 18.1x | (0.8x) | (0.6x) | |||
| - | ($104M) | - | - | (1.3x) | (1.2x) | |||
| - | ($17M) | - | 771.9x | (19.8x) | (20.5x) | |||
| $109M | ($4M) | 2.4x | 8.3x | (66.6x) | - | |||
| $13M | ($71M) | 11.3x | 39.8x | (2.1x) | (1.4x) | |||
| $705M | $238M | 1.1x | 1.2x | 3.4x | 5.2x | |||
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.




