About Cadent Therapeutics
Cambridge, Massachusetts-based Cadent Therapeutics develops precision neuroscience drugs that modulate brain rhythms for neurological disorders. Founded in 2010, the company targets movement and cognitive impairments with first-in-class molecules combining target-specific design, patient stratification, and quantitative endpoints. Its pipeline addresses Parkinson's disease and other brain rhythm dysfunctions.
Founded
2010
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$770M (acquired Dec 2020)
Cadent Therapeutics Acquisition
Cadent Therapeutics was acquired by Novartis for $770M on 17 December 2020.
Before the acquisition Cadent Therapeutics had raised $61M across 3 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 17 Dec 2020 | Strategic M&A | $770M |
Cadent Therapeutics Funding History
Cadent Therapeutics has raised a total of $61M across 3 funding rounds.
Cadent Therapeutics' first fundraising round was a $6M Series A in June 2013. The most recent completed round was a $15M Series B in April 2020.
Cadent Therapeutics funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2020 | Series B | Cowen Healthcare Investments (lead); Novartis; Access Industries; Qiming Venture Partners; Atlas Venture; Clal Biotechnology | $15M | Cadent Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for cognitive, mood, and movement disorders. Founded in 2017 through the merger of Luc Therapeutics and Ataxion Therapeutics, Cadent was developing small molecules targeting neuronal ion channels, with a portfolio that included MIJ821 for treatment-resistant depression, CAD-9303 for schizophrenia, and CAD-1883 for movement disorders. As a clinical-stage company in April 2020, Cadent had not yet achieved revenue-generating operations. The company had previously completed a Series B financing round for $40 million at a $100 million post-money valuation in November 2019, with investors including Cowen Healthcare Investments, Atlas Venture, Qiming Venture Partners, Access Industries, and Novartis Institutes for Biomedical Research. In December 2020, Novartis announced its acquisition of Cadent for $210 million upfront plus up to $560 million in milestone payments, validating the company's drug development efforts and bringing an end to Cadent's independent existence as a clinical-stage biotech. |
| Nov 2018 | Series B | Atlas Venture (lead); Cowen Healthcare Investments (lead); Novartis; Qiming Venture Partners | $40M | Cadent Therapeutics is a Cambridge, Massachusetts-based biotech company focused on developing breakthrough therapies for movement disorders and cognitive impairment, including treatment-resistant depression and schizophrenia. The company was formed in 2017 through the merger of Luc Therapeutics and Ataxion Therapeutics, building on earlier work dating back to 2010 when it originated as Mnemosyne Pharmaceuticals. Cadent's pipeline includes CAD-1883 for movement disorders like essential tremor, CAD-9303 for schizophrenia, and MIJ821 for treatment-resistant depression through an exclusive license and collaboration agreement with Novartis. In November 2018, Cadent closed a $40 million Series B financing round led by Cowen Healthcare Investments and Atlas Venture, with participation from Qiming Venture Partners, Access Industries, Clal Biotechnology Industries, and Novartis Institutes for Biomedical Research. The company intended to use the proceeds to advance its pipeline of positive allosteric modulators through clinical development, with CAD-1883 initiating Phase 2a studies for essential tremor during this period. Novartis subsequently acquired Cadent in December 2020 for $210 million upfront plus up to $560 million in milestone payments, consolidating the company's neuroscience portfolio into Novartis's broader neurological and psychiatric disease programs. |
| Jun 2013 | Series A | Atlas Venture (lead); Clal Biotechnology (lead) | $6M | Cadent Therapeutics, formed by the 2017 merger of Luc Therapeutics (formerly Mnemosyne) and Ataxion, develops therapies targeting ion channels for neurological disorders including cognitive, mood, and movement impairments. Luc Therapeutics raised at least $17.7 million pre-merger from Atlas Venture, Slater Technology Fund, and Access BridgeGap Ventures. Ataxion received $17 million in a 2014 Series A round with Biogen Idec and Atlas Venture. Both Luc and Ataxion were part of Atlas Venture's 2013 biotech seed class. Cadent raised $40 million in a Series B round in 2018, co-led by Cowen Healthcare Investments and Atlas Venture, with participation from Qiming Venture Partners, Novartis Institutes for Biomedical Research, Access Industries, and Clal Biotechnology Industries; a $15 million final tranche closed later. The company advanced CAD-1883 into clinical development for spinocerebellar ataxia and had a Novartis collaboration for an NMDAr modulator in phase 1 for treatment-resistant depression. Novartis acquired Cadent for $770 million in January 2021, including $210 million upfront and up to $560 million in milestones, gaining rights to its neuroscience portfolio. |
Who has invested in Cadent Therapeutics?
6 investors have backed Cadent Therapeutics across its funding rounds, including Atlas Venture, Qiming Venture Partners, Novartis, Cowen Healthcare Investments, Clal Biotechnology and Access Industries.
Lead investors include Cowen Healthcare Investments, Atlas Venture and Clal Biotechnology.
Cadent Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jun 2013 | ||
| 2 | Lead | Nov 2018 | ||
| 2 | Participant | Nov 2018 | ||
| 2 | Participant | Nov 2018 | ||
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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 TrialAcquisitions by Cadent Therapeutics
Cadent Therapeutics has acquired 1 company to date.
Last acquisition by Cadent Therapeutics was on March 7th 2017. Cadent Therapeutics acquired Ataxion for undisclosed valuation.
Latest Acquisitions by Cadent Therapeutics
| Description | Ataxion is a Cambridge-based biopharmaceutical company focused on treatments for spinocerebellar ataxia types 1, 2, 3, and 6. Its lead candidate ATA-101, an antisense oligonucleotide, entered Phase 1b/2 trials in 2022 targeting SCA3 mutations. Ataxion raised $115 million in Series B financing in 2021 from investors including Atlas Venture and AbbVie Ventures. The company collaborates with academic centers like Massachusetts General Hospital for clinical development in rare neurologic disorders. |
| HQ Country | |
| HQ City | - |
| Deal Date | 7 Mar 2017 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Cadent Therapeutics acquisitions and their M&A valuation multiples. Start Free Trial | |
Cadent Therapeutics Competitors
Cadent Therapeutics competitors include listed companies like Knight Therapeutics and MiMedx Group, and private ones like BrightInsight, Galvanize Therapeutics, Geneoscopy and MindMaze.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $750M | - | ||
| Publicly listed | $323M | $39M | $720M | 1.8x | ||
| Publicly listed | $419M | $78M | $684M | 1.8x | ||
| Private | - | - | $650M | - | ||
| Private | - | - | $630M | - | ||
| Private | $8M | - | $1.5B | 187.5x |
Cadent Therapeutics Public Comps
Cadent Therapeutics is no longer listed, but its public comps include Aarti Pharmalabs, Pharming, Gyre Therapeutics, DBV Technologies, Supriya Lifescience, Annexon, Guizhou Sanli, Aclaris Therapeutics, Nxera Pharma and Sanofi India.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $186M | $40M | 4.6x | - | 21.4x | - | |||
| $376M | $34M | 1.9x | 1.9x | 21.5x | 20.5x | |||
| $117M | $15M | 6.4x | 6.7x | 49.2x | (19.3x) | |||
| - | ($144M) | - | 129.8x | (4.1x) | (4.1x) | |||
| $84M | $31M | 8.9x | 7.9x | 24.0x | 22.8x | |||
| - | ($214M) | - | - | (2.8x) | (2.7x) | |||
| $254M | $22M | 3.4x | - | 38.4x | - | |||
| $8M | ($72M) | 89.9x | 108.5x | (9.8x) | - | |||
This data is available for Pro users. Sign up to see all Cadent Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cadent Therapeutics
| When was Cadent Therapeutics founded? | Cadent Therapeutics was founded in 2010. |
| Where is Cadent Therapeutics headquartered? | Cadent Therapeutics is headquartered in United States. |
| Is Cadent Therapeutics publicly listed? | No, Cadent Therapeutics was acquired by Novartis in December 2020. |
| Who acquired Cadent Therapeutics? | Cadent Therapeutics was acquired by Novartis in December 2020. |
| How much was Cadent Therapeutics acquired for? | Cadent Therapeutics was acquired for $770M in December 2020. |
| How much funding has Cadent Therapeutics raised? | Cadent Therapeutics has raised $61M across 3 funding rounds. |
| What was Cadent Therapeutics' last funding round? | Cadent Therapeutics' last funding round was a $15M Series B in April 2020, led by Cowen Healthcare Investments. |
| Who are Cadent Therapeutics' investors? | Cadent Therapeutics' investors include Atlas Venture, Cowen Healthcare Investments, Novartis, Qiming Venture Partners, Clal Biotechnology and Access Industries. |
| Which companies are comparable to Cadent Therapeutics? | Companies comparable to Cadent Therapeutics include BrightInsight, Knight Therapeutics, MiMedx Group, Galvanize Therapeutics, Geneoscopy and MindMaze. |
| How many companies has Cadent Therapeutics acquired? | Cadent Therapeutics has acquired 1 company, including Ataxion. |
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