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- Biotheus
Biotheus Acquisition, Valuation, Funding & Investors
Biotheus was acquired by BioNTech for $800M in November 2024.
Cumulative funding Biotheus raised
$146M
across 4 funding rounds
Key investors in Biotheus
Highlight Capital
New Alliance Capital
Shiyu Capital
Zhuhai Huajin Asset
IDG Capital
General Atlantic
Cowin Capital
CPE
About Biotheus
Biotheus is a Zhuhai-based biologics developer focused on multispecific antibodies for oncology and immunology. The company advances bispecific T-cell engagers like BLB01 targeting Claudin18.2 for gastric cancer and anti-TL1A mAbs for IBD. Biotheus operates R&D centers in China and the US with a pipeline in phase II-III trials.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$800M (acquired Nov 2024)
Sectors
Biotheus Acquisition
Biotheus was acquired by BioNTech for $800M on 13 November 2024.
Before the acquisition Biotheus had raised $146M across 4 funding rounds.
Biotheus, a China-based biotechnology company specializing in antibody discovery and development, particularly bispecific antibodies and antibody-drug conjugates, was acquired by BioNTech SE, a German mRNA-focused biotech firm known for its oncology pipeline. The deal, announced on November 13, 2024, and completed on February 3, 2025, provided BioNTech with full global rights to Biotheus' late-stage asset BNT327/PM8002, a bispecific antibody targeting PD-L1 and VEGF-A designed for solid tumors including small cell lung cancer, non-small cell lung cancer, and triple-negative breast cancer. BioNTech also gained Biotheus' full pipeline of bispecific candidates such as EGFR x cMet, TIGIT x PD-L1, Claudin18.2 x 4-1BB, and PD-L1 x 4-1BB, along with its in-house antibody generation platform, bispecific antibody-drug conjugate technology, an R&D hub, and a biologics manufacturing facility in China. The transaction structure included an $800 million upfront payment to Biotheus shareholders, primarily in cash with a portion in American depositary shares, plus up to $150 million in performance-based milestone payments, subject to regulatory approvals. This acquisition builds on a prior November 2023 licensing deal where BioNTech paid $55 million upfront for ex-Greater China rights to BNT327, with up to $1 billion in milestones. Strategically, it expands BioNTech's oncology capabilities for combination therapies with its mRNA vaccines, targeted therapies, and immunomodulators, aiming to surpass traditional checkpoint inhibitors like Keytruda; over 300 Biotheus employees joined BioNTech, establishing a fully integrated antibody manufacturing network in China. The deal occurred amid a hot market for PD-1/VEGF bispecifics, with BioNTech later partnering BNT327 with Bristol Myers Squibb in a co-development deal valued at $1.5-3.5 billion, retaining 50% share while acquiring Biotheus' remaining assets effectively for free. BioNTech plans multiple registrational trials for BNT327 in 2025, aligning with its investor-presented oncology strategy on the announcement day.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 13 Nov 2024 | Strategic M&A | $800M |
Biotheus Funding History
Biotheus has raised a total of $146M across 4 funding rounds.
Biotheus' first fundraising round was a $26M Series A in October 2018. The most recent completed round was a $100M Series D in March 2021.
Biotheus funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2021 | Series D | General Atlantic (lead); IDG Capital (lead); CPE; HLC Equity; Huajin Fund; Highlight Capital; New Alliance Capital; Cowin Capital; Shiyu Capital; Kunlun | $100M | Biotheus, a Chinese clinical-stage biotechnology company based in Zhuhai, specializes in developing next-generation antibody-based therapeutics for the treatment of malignant tumors and autoimmune diseases. The company announced the closing of its fourth funding round on March 2, 2021, co-led by General Atlantic and IDG Capital, with new investors including Kunlun Capital, CPE, and Cowin Capital, alongside participation from existing backers such as Highlight Capital, Shiyu Capital, New Alliance Capital, and Huajin Investment. Proceeds from the financing are earmarked to accelerate Biotheus's research and development efforts, with goals to advance five novel drugs into clinical development by the end of 2021 and push multiple programs into late-stage clinical trials. General Atlantic, a global growth equity investor, and IDG Capital, known for investments across healthcare and other sectors, highlighted their commitment to supporting Biotheus's pipeline expansion. Legal counsel Paul, Weiss advised General Atlantic on the transaction. Biotheus operates in the competitive biotech landscape focusing on oncology and immunology, with prior rounds building toward clinical milestones. The investment aligns with broader trends in Chinese biotech funding during early 2021, emphasizing antibody therapeutics innovation. |
| Jun 2020 | Series C | New Alliance Capital (lead); Hanne Capital | $5M | - |
| Jun 2019 | Seed | Shiyu Capital (lead); Zhuhai Huajin Asset | $15M | - |
| Oct 2018 | Series A | Highlight Capital (lead); Zhuhai Huajin Asset (lead) | $26M | Biotheus, founded in 2018 in Zhuhai, Guangdong, China, is a biotechnology company focused on discovering and developing therapeutic biologics for cancer and inflammatory diseases using next-generation multispecific antibodies and innovative platforms. The company collaborates between industry and academia to create biologic treatments and has built capabilities including drug development platforms and a manufacturing base. In late October 2018, Biotheus completed a Series A funding round raising approximately $26 million (RMB180 million), with investors including Highlight Capital (also referred to as HighLight Capital or HLC), Zhuhai Huajin Asset (also Huajin Capital), and Shiyu Capital. This round, dated October 29-30, 2018, marked early financing for the startup, supported by Zhuhai government initiatives. Biotheus progressed through multiple subsequent financings, including a fourth round co-led by General Atlantic and IDG Capital, with continued support from prior investors, to advance its pipeline and commercialization efforts. The company filed 13 patents, primarily in monoclonal antibodies, immune system topics, and clusters of differentiation. In November 2024, BioNTech acquired Biotheus for $800 million upfront plus up to $150 million in milestones, valuing it between $800M-$950M at that time and integrating it as a China R&D hub with over 300 employees. HLC, an angel investor since 2018, noted strong growth. Total raised across rounds was about $25.86M prior to acquisition. |
Who has invested in Biotheus?
12 investors have backed Biotheus across its funding rounds, including Highlight Capital, New Alliance Capital, Shiyu Capital, Zhuhai Huajin Asset, IDG Capital and General Atlantic.
Lead investors include General Atlantic, IDG Capital, New Alliance Capital, Shiyu Capital, Highlight Capital and 1 other investor.
Biotheus Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2018 | ||
| 2 | Lead | Oct 2018 | ||
| 2 | Lead | Jun 2020 | ||
| 2 | Lead | Jun 2019 | ||
| 1 | Participant | Mar 2021 | ||
| 1 | Participant | Mar 2021 | ||
| 1 | Lead | Mar 2021 | ||
| 1 | Participant | Mar 2021 | ||
| 1 | Participant | Jun 2020 | ||
| 1 | Lead | Mar 2021 | ||
This data is available for Pro users. Sign up to see all 12 Biotheus 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 TrialBiotheus Competitors
Biotheus competitors include listed companies like Design Therapeutics, China TCM, Aclaris Therapeutics and Guizhou Sanli, and private ones like Crystalys Therapeutics and Umoja Biopharma.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $800M | - | ||
| Private | - | - | $800M | - | ||
| Publicly listed | - | ($79M) | $802M | - | ||
| Publicly listed | $2.2B | $128M | $805M | 0.4x | ||
| Publicly listed | $8M | ($72M) | $795M | 108.5x | ||
| Publicly listed | $254M | $22M | $794M | - |
Biotheus Public Comps
Biotheus is no longer listed, but its public comps include Design Therapeutics, China TCM, Aclaris Therapeutics, Guizhou Sanli, HK inno.N, Climb Bio, Annexon, 4D Molecular Therapeutics, Achieve Life Sciences and BlossomHill Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($79M) | - | - | (7.6x) | - | |||
| $2.2B | $128M | 0.3x | 0.4x | 5.5x | 6.9x | |||
| $8M | ($72M) | 89.9x | 108.5x | (9.8x) | - | |||
| $254M | $22M | 3.4x | - | 38.4x | - | |||
| $774M | $109M | 1.4x | 1.3x | 9.6x | 8.5x | |||
| - | ($68M) | - | - | (9.2x) | (9.0x) | |||
| - | ($214M) | - | - | (2.8x) | (2.7x) | |||
| $85M | ($152M) | 5.7x | 14.6x | (3.2x) | (1.9x) | |||
This data is available for Pro users. Sign up to see all Biotheus competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Biotheus
| When was Biotheus founded? | Biotheus was founded in 2018. |
| Where is Biotheus headquartered? | Biotheus is headquartered in Zhuhai, China. |
| Is Biotheus publicly listed? | No, Biotheus was acquired by BioNTech in November 2024. |
| Who acquired Biotheus? | Biotheus was acquired by BioNTech in November 2024. |
| How much was Biotheus acquired for? | Biotheus was acquired for $800M in November 2024. |
| How much funding has Biotheus raised? | Biotheus has raised $146M across 4 funding rounds. |
| What was Biotheus' last funding round? | Biotheus' last funding round was a $100M Series D in March 2021, led by General Atlantic and IDG Capital. |
| Who are Biotheus' investors? | Biotheus' investors include Zhuhai Huajin Asset, Highlight Capital, New Alliance Capital, Shiyu Capital, CPE, HLC Equity, IDG Capital, Huajin Fund, Hanne Capital, General Atlantic and 2 others. |
| Which companies are comparable to Biotheus? | Companies comparable to Biotheus include Crystalys Therapeutics, Umoja Biopharma, Design Therapeutics, China TCM, Aclaris Therapeutics and Guizhou Sanli. |
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