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- Convergent Therapeutics
Convergent Therapeutics Valuation, Funding & Investors
Convergent Therapeutics is valued at $269M as of September 2024.
Last Convergent Therapeutics valuation
$269M
Series A · Sep 2024
Last Convergent Therapeutics funding round
$40M
Series A · Sep 2024
Cumulative funding Convergent Therapeutics raised
$130M
across 2 funding rounds
Key investors in Convergent Therapeutics
OrbiMed
RA Capital Management
Novo Holdings
Invus
About Convergent Therapeutics
Convergent Therapeutics is a clinical-stage biotechnology company based in Cambridge, Massachusetts, that develops radiopharmaceuticals for cancer treatment. Its lead program, CONV01-alpha, is a radioantibody that binds to prostate-specific membrane antigen to deliver a radioactive payload selectively to prostate cancer cells while sparing healthy tissue. The company is building a broader pipeline of similar radioantibody therapies targeting prostate cancer and other solid tumors.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$269M (Sep 2024)
Convergent Therapeutics Valuation
Convergent Therapeutics is currently valued at $269M, based on its Series A in September 2024.
The $40M round was led by Novo Holdings.
Convergent Therapeutics' valuation has grown 1.4x from $186M at its Series A in May 2023 to $269M in September 2024, across 2 priced rounds.
Convergent Therapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2024 | Series A | $269M |
| May 2023 | Series A | $186M |
Convergent Therapeutics Funding History
Convergent Therapeutics has raised a total of $130M across 2 funding rounds.
Convergent Therapeutics' first fundraising round was a $90M Series A in May 2023. The most recent completed round was a $40M Series A in September 2024.
Convergent Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Series A | Novo Holdings (lead) | $40M | $269M | Convergent Therapeutics is a clinical-stage biotechnology company developing radiopharmaceutical cancer therapies. The company raised $40 million in a Series A-4 funding round on September 24, 2024, led by Novo Holdings, achieving a post-money valuation of $269.38 million at a price per share of $2.01. This extends prior Series A rounds, including a $81.68 million Series A-1 in May 2023 at $186.01 million valuation with investors OrbiMed, RA Capital Management, and The Invus Group. The $40 million investment from Novo Holdings supports the clinical development of Convergent's radiopharmaceutical pipeline. Novo Holdings listed Convergent among its new 2024 Life Sciences venture investments, deploying significant capital across 20 new portfolio companies. The company operates in the competitive radiopharmaceuticals space, focusing on targeted cancer treatments, with Novo Holdings emphasizing strategic investments in innovative biotech firms. |
| May 2023 | Series A | OrbiMed (lead); RA Capital Management (lead); Invus | $90M | $186M | Convergent Therapeutics is a clinical-stage biotechnology company based in Cambridge, Massachusetts, focused on developing next-generation radiopharmaceuticals, specifically radioantibodies, for cancer treatment. Its lead program, CONV01-α, targets advanced prostate cancer by binding to prostate-specific membrane antigen (PSMA) to deliver a radioactive payload selectively to cancer cells while sparing healthy tissue. The company aims to build a pipeline of such novel therapies for prostate cancer and other solid tumors. On May 3, 2023, Convergent Therapeutics completed a $90 million Series A financing, comprising multiple tranches: Series A-1 ($81.68MM), Series A-2 ($3.14MM), and Series A-3 ($5.18MM), led by OrbiMed and RA Capital Management with participation from Invus. The post-money valuation for these rounds was $186.01 million, with share prices varying by tranche ($1.55, $1.24, $1.08). Proceeds are designated to advance clinical development of CONV01-α and expand the radioantibody pipeline. The financing reflects strong investor confidence in Convergent's approach amid growing interest in radiopharmaceuticals. OrbiMed Partner Tal Zaks highlighted the platform's potential for breakthrough cancer treatments. This round positions Convergent among active players in a competitive field, where startups like Abdera Therapeutics and big pharma such as Novartis are also investing heavily in similar technologies for oncology. A later Series A-II round occurred on August 13, 2024, raising $40M from Novo Holdings and others. |
Who has invested in Convergent Therapeutics?
4 investors have backed Convergent Therapeutics across its funding rounds, including OrbiMed, RA Capital Management, Novo Holdings and Invus.
Lead investors include Novo Holdings, OrbiMed and RA Capital Management.
Convergent Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Sep 2024 | ||
| 1 | Participant | May 2023 | ||
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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 TrialConvergent Therapeutics Competitors
Convergent Therapeutics competitors include listed companies like Medipost and Dong-A ST, and private ones like Unlearn.AI, AZTherapies, DiNovA Medtech and Eluminex Biosciences.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $265M | - | ||
| Publicly listed | $54M | ($59M) | $255M | 4.7x | ||
| Private | - | - | $285M | - | ||
| Publicly listed | $589M | $6M | $251M | 0.8x | ||
| Private | - | - | $246M | - | ||
| Private | - | - | $300M | - |
Convergent Therapeutics Public Comps
Convergent Therapeutics is still privately-owned, but its public comps include Elite Pharmaceuticals, Entrada Therapeutics, Newron Pharmaceuticals, Greenwich LifeSciences, AC Immune, Ourofino, ProQR Therapeutics, Oryzon Genomics, Cue Biopharma and Dishman Carbogen Amics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $149M | $59M | 1.6x | - | 4.0x | - | |||
| $25M | ($154M) | 3.7x | 6.3x | (0.6x) | (0.6x) | |||
| $22M | ($10M) | 12.7x | 19.0x | (29.3x) | (55.0x) | |||
| - | ($19M) | - | - | (13.5x) | - | |||
| $4M | ($85M) | 41.0x | 9.5x | (2.1x) | - | |||
| $238M | $56M | 1.3x | - | 5.3x | - | |||
| $18M | ($47M) | 8.2x | 7.9x | (3.2x) | (2.3x) | |||
| - | ($6M) | - | 34.6x | (39.8x) | (31.0x) | |||
This data is available for Pro users. Sign up to see all Convergent Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Convergent Therapeutics
| When was Convergent Therapeutics founded? | Convergent Therapeutics was founded in 2021. |
| Where is Convergent Therapeutics headquartered? | Convergent Therapeutics is headquartered in United States. |
| Is Convergent Therapeutics publicly listed? | No, Convergent Therapeutics is a private, VC-backed company. |
| What is Convergent Therapeutics' valuation? | Convergent Therapeutics was last valued at $269M in its Series A in September 2024. |
| How much funding has Convergent Therapeutics raised? | Convergent Therapeutics has raised $130M across 2 funding rounds. |
| What was Convergent Therapeutics' last funding round? | Convergent Therapeutics' last funding round was a $40M Series A in September 2024, led by Novo Holdings. |
| Who are Convergent Therapeutics' investors? | Convergent Therapeutics' investors include Novo Holdings, Invus, RA Capital Management and OrbiMed. |
| Which companies are comparable to Convergent Therapeutics? | Companies comparable to Convergent Therapeutics include Unlearn.AI, Medipost, AZTherapies, Dong-A ST, DiNovA Medtech and Eluminex Biosciences. |
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