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- Cardior Pharmaceuticals
Cardior Pharmaceuticals Acquisition, Valuation, Funding & Investors
Cardior Pharmaceuticals was acquired by Novo Nordisk for $1.1B in March 2024.
Cumulative funding Cardior Pharmaceuticals raised
$93M
across 2 funding rounds
Key investors in Cardior Pharmaceuticals
HTGF
EQT
Bristol-Myers Squibb
BioMedPartners
Boehringer Ingelheim Venture Fund
coparion
Inkef
Fund+
About Cardior Pharmaceuticals
Cardior Pharmaceuticals is a Göttingen-based biotech firm advancing microRNA inhibitors for heart failure. Its lead candidate CDR132L targets miR-132 to reverse pathological remodeling post-myocardial infarction. Following Phase Ib trials showing 20-30% ejection fraction gains, the therapy entered Phase II in Germany and Poland in 2023.
Founded
2016
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.1B (acquired Mar 2024)
Sectors
Cardior Pharmaceuticals Acquisition
Cardior Pharmaceuticals was acquired by Novo Nordisk for $1.1B on 25 March 2024.
Before the acquisition Cardior Pharmaceuticals had raised $93M across 2 funding rounds.
Cardior Pharmaceuticals, a clinical-stage biopharmaceutical company based in Hannover, Germany, pioneers RNA-based therapeutics targeting non-coding RNAs to prevent, repair, and reverse heart diseases, with its lead candidate CDR132L in phase 2 development for heart failure with reduced ejection fraction (HFrEF) post-heart attack and a planned second phase 2 trial in chronic heart failure with cardiac hypertrophy. CDR132L selectively blocks abnormal miR-132 levels, showing promising safety, tolerability, and cardiac functional improvements in phase 1b trials. The company originated from research at Medical School Hannover and Max Planck Institute for Multidisciplinary Sciences, backed by EQT Life Sciences since its 2017 Series A. Novo Nordisk, a Denmark-based global pharmaceutical leader expanding in cardiovascular disease, agreed on March 25, 2024, to acquire Cardior for up to €1.025 billion ($1.112 billion), comprising an upfront payment and milestone payments tied to development and commercial successes. The deal strengthens Novo Nordisk's cardiovascular pipeline, which spans all clinical phases, positioning CDR132L as a potential first-in-class disease-modifying therapy to halt or reverse heart failure progression beyond symptom management. Closing is expected in Q2 2024, subject to regulatory approvals, funded from financial reserves without impacting 2024 operating profit outlook or share buy-back program. Strategic rationale highlights CDR132L's transformative potential, with Novo Nordisk's clinical and commercial expertise accelerating late-stage development toward registrational studies and market approval. Cardior's CEO Claudia Ulbrich and CSO Thomas Thum emphasized Novo Nordisk as the ideal partner for this advancement, amid Novo Holdings' separate $16.5 billion Catalent acquisition announced February 2024.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 25 Mar 2024 | Strategic M&A | $1.1B |
Cardior Pharmaceuticals Funding History
Cardior Pharmaceuticals has raised a total of $93M across 2 funding rounds.
Cardior Pharmaceuticals' first fundraising round was a $17M Series A in May 2017. The most recent completed round was a $76M Series B in August 2021.
Cardior Pharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2021 | Series B | Inkef (lead); Sunstone Partners; EQT; BioMedPartners; coparion; HTGF; Bristol-Myers Squibb; Fund+; Hadean Ventures | $76M | Cardior Pharmaceuticals is a clinical-stage biotech company based in Hanover, Germany, developing non-coding RNA (ncRNA)-based therapeutics, particularly micro-RNA inhibitors, to treat cardiac diseases such as heart failure. Its lead candidate, CDR132L, targets micro-RNA-132 inhibition and has shown encouraging safety and efficacy in initial clinical read-outs, with plans for a Phase 2 trial to demonstrate clinical proof-of-concept as a potential transformative therapy. On August 25, 2021, Cardior closed an oversubscribed €64 million ($76 million) Series B financing round led by Inkef Capital, with new investors including Fund+, Sunstone Partners, Hadean Ventures, and Coparion, alongside existing investors BioMedPartners, Bristol Myers Squibb, High-Tech Gründerfonds (HTGF), and LSP. The proceeds are designated for late-stage clinical development of CDR132L and accelerating pipeline expansion. Representatives from Inkef, Fund+, and Sunstone joined the company's Advisory Board post-financing. The round reflects strong investor confidence in Cardior's RNA therapeutics platform amid momentum in the RNA therapy field, positioning the company to advance the first ncRNA therapeutic toward commercialization. Heart diseases, the leading global cause of death, represent a massive healthcare burden, and Cardior's approach aims to provide disease-modifying treatments. No revenue, ARR, EBITDA, valuation figures beyond the round size, or multiples were disclosed in announcements. Subsequently, Cardior was acquired by Novo Nordisk in a deal valued at up to $1.1 billion, including upfront and milestone payments, announced ahead of a planned Q2 2024 close, following use of Series B funds to advance CDR132L into further Phase II studies for chronic heart failure. |
| May 2017 | Series A | EQT (lead); BioMedPartners; Boehringer Ingelheim Venture Fund; HTGF; Bristol-Myers Squibb | $17M | Cardior Pharmaceuticals completed a €15 million Series A financing round on May 11, 2017, led by LSP (now part of EQT Life Sciences), with participation from BioMedPartners, Boehringer Ingelheim Venture Fund, Bristol-Myers Squibb, and High-Tech Gründerfonds. The funds supported development of its proprietary RNA technology targeting non-coding RNAs to predict and treat heart failure, particularly post-myocardial infarction, licensed from institutions including Medical School Hannover and Max-Planck Society. Key hires included CEO Dr. Claudia Ulbrich and CSO Prof. Dr. Dr. Thum. Cardior focuses on RNA-targeted therapies to reverse maladaptive cardiac remodeling and restore heart function in cardiovascular diseases. EQT Life Sciences, Cardior's largest shareholder since leading the 2017 Series A, provided further investment in the €64 million Series B in 2021. In March 2024, Novo Nordisk agreed to acquire Cardior for up to €1.025 billion, including upfront and milestone payments, to advance CDR132L, an investigational Phase 2 therapy for heart failure patients post-heart attack. |
Who has invested in Cardior Pharmaceuticals?
10 investors have backed Cardior Pharmaceuticals across its funding rounds, including HTGF, EQT, Bristol-Myers Squibb, BioMedPartners, Boehringer Ingelheim Venture Fund and coparion.
Lead investors include Inkef and EQT.
Cardior Pharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | May 2017 | ||
| 2 | Participant | May 2017 | ||
| 2 | Participant | May 2017 | ||
| 2 | Participant | May 2017 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | May 2017 | ||
| 1 | Lead | Aug 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCardior Pharmaceuticals Competitors
Cardior Pharmaceuticals competitors include listed companies like Ribolia, Philogen, Savara and Odyssey Therapeutics, and private ones like Letu and La Renon.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $22M | ($32M) | $1.1B | 15.7x | ||
| Publicly listed | $362M | $303M | $1.1B | 5.9x | ||
| Publicly listed | - | ($123M) | $1.1B | 505.5x | ||
| Publicly listed | $3M | ($151M) | $1.1B | 973.1x | ||
| Private | - | - | $1.1B | - | ||
| Private | $180M | $38M | $1.2B | 6.5x |
Cardior Pharmaceuticals Public Comps
Cardior Pharmaceuticals is no longer listed, but its public comps include Ribolia, Philogen, Savara, Odyssey Therapeutics, CStone Pharmaceuticals, Blue Jet Healthcare, Jade Biosciences, Kissei Pharmaceutical, Obsidian Therapeutics and Monte Rosa Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $22M | ($32M) | 39.3x | 15.7x | (26.9x) | (39.5x) | |||
| $362M | $303M | 1.9x | 5.9x | 2.2x | 11.0x | |||
| - | ($123M) | - | 505.5x | (7.9x) | - | |||
| $3M | ($151M) | 279.0x | 973.1x | (5.5x) | (4.8x) | |||
| $40M | ($56M) | 22.8x | 16.3x | (16.3x) | (15.1x) | |||
| $98M | $37M | 11.1x | 9.9x | 29.7x | 31.3x | |||
| - | ($135M) | - | - | (4.7x) | - | |||
| $626M | $138M | 1.2x | 1.2x | 5.5x | 17.2x | |||
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Common questions about Cardior Pharmaceuticals
| When was Cardior Pharmaceuticals founded? | Cardior Pharmaceuticals was founded in 2016. |
| Where is Cardior Pharmaceuticals headquartered? | Cardior Pharmaceuticals is headquartered in Hanover, Germany. |
| Is Cardior Pharmaceuticals publicly listed? | No, Cardior Pharmaceuticals was acquired by Novo Nordisk in March 2024. |
| Who acquired Cardior Pharmaceuticals? | Cardior Pharmaceuticals was acquired by Novo Nordisk in March 2024. |
| How much was Cardior Pharmaceuticals acquired for? | Cardior Pharmaceuticals was acquired for $1.1B in March 2024. |
| How much funding has Cardior Pharmaceuticals raised? | Cardior Pharmaceuticals has raised $93M across 2 funding rounds. |
| What was Cardior Pharmaceuticals' last funding round? | Cardior Pharmaceuticals' last funding round was a $76M Series B in August 2021, led by Inkef. |
| Who are Cardior Pharmaceuticals' investors? | Cardior Pharmaceuticals' investors include EQT, BioMedPartners, HTGF, Bristol-Myers Squibb, Sunstone Partners, coparion, Boehringer Ingelheim Venture Fund, Inkef, Fund+ and Hadean Ventures. |
| Which companies are comparable to Cardior Pharmaceuticals? | Companies comparable to Cardior Pharmaceuticals include Ribolia, Philogen, Savara, Odyssey Therapeutics, Letu and La Renon. |
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