Corvidia Acquisition, Valuation, Funding & Investors

Corvidia was acquired by Novo Nordisk for $2.1B in June 2020.

Corvidia acquisition price

$2.1B

Acquired by Novo Nordisk · Jun 2020

Cumulative funding Corvidia raised

$87M

across 3 funding rounds

Key investors in Corvidia

Corvidia Overview

About Corvidia

Corvidia Therapeutics is a clinical-stage biopharmaceutical company developing therapies for cardio-renal diseases. It advances treatments targeting chronic kidney disease combined with atherosclerotic cardiovascular disease, inflammation conditions, and high triglyceride-induced acute pancreatitis. The company conducts clinical trials to bring novel small-molecule drugs to patients with unmet needs in cardiorenal health.


Founded

2014

HQ

United StatesBoston, MA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.1B (acquired Jun 2020)

Corvidia Acquisition

Corvidia was acquired by Novo Nordisk for $2.1B on 11 June 2020.

Before the acquisition Corvidia had raised $87M across 3 funding rounds.

Novo Nordisk acquired Corvidia Therapeutics, a privately held clinical-stage biotech company based in Waltham, Massachusetts, focused on developing therapies for cardio-renal diseases. Corvidia was founded in 2015 with seed funding from Sofinnova Partners and had completed Series A and Series B financing rounds. The company's lead candidate is ziltivekimab, a fully human monoclonal antibody targeting interleukin-6 (IL-6), designed to reduce the risk of major adverse cardiovascular events in chronic kidney disease patients with atherosclerotic cardiovascular disease and inflammation. Under the definitive agreement announced on June 11, 2020, Novo Nordisk paid $725 million upfront in cash to acquire all outstanding shares of Corvidia. The total deal value could reach $2.1 billion upon achievement of certain regulatory and sales milestones. This acquisition represented a strategic expansion of Novo Nordisk's presence in the cardiometabolic disease space, complementing its core business in diabetes and obesity. The deal was notable as the largest acquisition signed during the tenure of Mads Krogsgaard Thomsen, Novo Nordisk's chief science officer of 20 years, and reflected the company's shift toward selective M&A to strengthen its cardiovascular disease portfolio.

Corvidia acquisition details
AcquirerDateTypePrice
11 Jun 2020Strategic M&A$2.1B

Corvidia Funding History

Corvidia has raised a total of $87M across 3 funding rounds.

Corvidia's first fundraising round was a $26M Series A in February 2016. The most recent completed round was a $800K pre-seed round in March 2020.

Corvidia funding rounds

Corvidia funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2020Pre-seedHBM Healthcare Investments$800K-
Apr 2018Series BVenrock (lead); HBM Healthcare Investments; Sofinnova Partners; Apple Tree Partners; Andera Partners; Fresenius Medical Care; MedImmune; Venrock Healthcare Capital Partners; Cormorant Asset Management$60MCorvidia Therapeutics is a clinical-stage biotechnology company based in Waltham, Massachusetts, founded in 2016 by Michael Davidson (part of the team that sold Omthera to AstraZeneca for $443 million) and two AstraZeneca scientists. The company pioneered precision cardiovascular and cardio-renal therapies by targeting narrow, genetically defined patient populations before beginning clinical trials, allowing it to navigate the typically expensive and challenging cardiovascular drug development space for smaller companies. In April 2018, Corvidia closed a $60 million Series B funding round led by Venrock and joined by five new investors: Andera Partners (formerly Edmond de Rothschild), Cormorant Asset Management, HBM Healthcare Investments, and Fresenius Medical Care Ventures, with participation from Series A investors Apple Tree Partners, MedImmune (the global biologics R&D arm of AstraZeneca), Sofinnova Partners, and Venrock Healthcare Capital Partners. The funding was designated to accelerate growth of ongoing clinical programs, expand scientific and market access capabilities, explore new treatment areas, and progress lead clinical programs in chronic kidney disease. At the time of the Series B, Corvidia's lead program COR-001 was nearing the end of a Phase 2 trial for genetically defined chronic kidney disease patients on dialysis, in Phase 1 for non-dialysis-dependent CKD patients, and in preclinical development for hypertriglyceridemia. In June 2020, Novo Nordisk acquired Corvidia for up to $2.1 billion in total consideration, including $725 million upfront and up to $1.37 billion in regulatory and sales milestone payments, marking the first M&A exit for Andera's BioDiscovery 5 fund.
Feb 2016Series AApple Tree Partners (lead); Sofinnova Partners (lead)$26MCorvidia Therapeutics, a biotechnology company focused on developing precision cardiovascular therapies, raised $26 million in a Series A financing on February 17, 2016, co-led by Sofinnova Partners and Apple Tree Partners. Sofinnova Partners had previously provided seed funding, enabling the company's inception, pipeline development, and structuring of the Series A. Concurrent with the financing, Corvidia licensed a clinical-stage compound, COR-001, from AstraZeneca to advance as its lead therapeutic into Phase I/II clinical trials in 2016, while also progressing its preclinical pipeline. The funds were specifically allocated to support the clinical development of COR-001 and further preclinical work. Sofinnova Partners, a Paris-based European VC firm specializing in life sciences with over €1.5 billion under management at the time, emphasized its strategy of backing visionary entrepreneurs in paradigm-shifting technologies. Apple Tree Partners, a New York-based VC firm with $1.5 billion in capital, invests in biotech and pharmaceuticals, often committing up to $250 million per company. Corvidia originated as an AstraZeneca spin-off, with serial entrepreneur Michael Davidson leading the team, building on prior successes like Omthera. The company later raised additional capital, totaling $86 million over four rounds, before being acquired by Novo Nordisk for $2.1 billion in 2020, including a $725 million upfront payment.

Who has invested in Corvidia?

9 investors have backed Corvidia across its funding rounds, including Sofinnova Partners, HBM Healthcare Investments, Apple Tree Partners, Venrock, Cormorant Asset Management and Andera Partners.

Lead investors include Venrock, Apple Tree Partners and Sofinnova Partners.


Corvidia Investors

Investors in Corvidia by funding rounds participated
InvestorHQRoundsRoleFirst check
HBM Healthcare InvestmentsSwitzerlandZug2ParticipantApr 2018
Sofinnova PartnersFranceParis2LeadFeb 2016
Apple Tree PartnersUnited StatesNew York City, NY2LeadFeb 2016
VenrockUnited StatesSan Francisco, CA1LeadApr 2018
Andera PartnersFranceParis1ParticipantApr 2018
Fresenius Medical CareGermanyBad Homburg1ParticipantApr 2018
MedImmuneUnited StatesUnited States1ParticipantApr 2018

This data is available for Pro users. Sign up to see all 9 Corvidia 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 Trial

Corvidia Competitors

Corvidia competitors include listed companies like Biohaven, Duality Biotherapeutics, Zenas BioPharma and Bausch Health, and private ones like Inari and Orano Med.

Public and private companies comparable to Corvidia
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BiohavenUnited StatesUnited StatesPublicly listed-($727M)$2.1B36.8x
Duality BiotherapeuticsChinaChinaPublicly listed$276M($400M)$2.1B8.3x
Zenas BioPharmaUnited StatesUnited StatesPublicly listed$10M($383M)$2.1B169.5x
Bausch HealthCanadaCanadaPublicly listed$10B$3.1B$2.1B2.1x
InariUnited StatesUnited StatesPrivate$383M-$2.2B-
Orano MedUnited StatesDallas, TXPrivate--$2.2B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Biohaven-($727M)-36.8x(2.9x)(4.4x)
Duality Biotherapeutics$276M($400M)6.2x8.3x(4.3x)(15.3x)
Zenas BioPharma$10M($383M)174.1x169.5x(4.6x)(5.1x)
Bausch Health$10B$3.1B2.2x2.1x7.2x5.7x
SK Bioscience$474M($815K)4.3x4.2x(2516.1x)(47.7x)
Nuvation Bio$63M($211M)27.4x10.9x(8.2x)(11.3x)
Kodiak Sciences-($208M)--(9.6x)(7.9x)
Caplin Point Laboratories$226M$84M8.7x8.0x23.2x23.0x

This data is available for Pro users. Sign up to see all Corvidia competitors and their valuation data.

Start Free Trial

Common questions about Corvidia

When was Corvidia founded?Corvidia was founded in 2014.
Where is Corvidia headquartered?Corvidia is headquartered in Boston, MA, United States.
Is Corvidia publicly listed?No, Corvidia was acquired by Novo Nordisk in June 2020.
Who acquired Corvidia?Corvidia was acquired by Novo Nordisk in June 2020.
How much was Corvidia acquired for?Corvidia was acquired for $2.1B in June 2020.
How much funding has Corvidia raised?Corvidia has raised $87M across 3 funding rounds.
What was Corvidia's last funding round?Corvidia's last funding round was a $800K pre-seed round in March 2020.
Who are Corvidia's investors?Corvidia's investors include HBM Healthcare Investments, Sofinnova Partners, Apple Tree Partners, Venrock, Andera Partners, Fresenius Medical Care, MedImmune, Venrock Healthcare Capital Partners and Cormorant Asset Management.
Which companies are comparable to Corvidia?Companies comparable to Corvidia include Biohaven, Duality Biotherapeutics, Zenas BioPharma, Bausch Health, Inari and Orano Med.

See companies similar to Corvidia

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial