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- Curevo
Curevo Acquisition, Valuation, Funding & Investors
Curevo was acquired by Eli Lilly for $1.5B in May 2026.
Cumulative funding Curevo raised
$196M
across 3 funding rounds
Key investors in Curevo
RA Capital Management
Janus Henderson
Adjuvant Capital
GC Biopharma
OrbiMed
HBM Healthcare Investments
Sanofi Ventures
Medicxi
About Curevo
Curevo is an Austin, Texas-headquartered clinical-stage biotech firm developing adjuvanted subunit vaccines. Lead candidate CRV-101 targets herpes zoster and varicella prevention, advancing through phase 3 trials with improved efficacy over existing options.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$1.5B (acquired May 2026)
Sectors
Curevo Acquisition
Curevo was acquired by Eli Lilly for $1.5B on 25 May 2026.
Before the acquisition Curevo had raised $196M across 3 funding rounds.
Eli Lilly agreed to acquire Curevo Vaccine in a transaction valued at up to USD 1,500 million, structured as an upfront cash payment plus an additional milestone-based payment. The deal was announced on May 26, 2026 and positions Curevo within Lilly’s broader push into vaccines, with the company describing the acquisition as part of a portfolio of vaccine R&D assets. Curevo is a privately held Seattle-area biotechnology company focused on next-generation shingles vaccine development, and the agreement was reported as a definitive acquisition rather than a minority investment. Curevo’s shareholders could receive total cash proceeds of up to USD 1,500 million under the terms disclosed.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 25 May 2026 | Strategic M&A | $1.5B |
Curevo Funding History
Curevo has raised a total of $196M across 3 funding rounds.
Curevo's first fundraising round was a $60M Series A in January 2022. The most recent completed round was a $110M Series B in March 2025.
Curevo funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2025 | Series B | Medicxi (lead); Adjuvant Capital; HBM Healthcare Investments; Janus Henderson; RA Capital Management; OrbiMed; GC Biopharma; Sanofi Ventures | $110M | Curevo Vaccine, a Seattle-based biotech founded in 2017, develops next-generation varicella zoster virus (VZV) vaccines with improved tolerability and efficacy, led by its shingles candidate amezosvatein (CRV-101), which uses a purified TLR4 agonist adjuvant. Amezosvatein demonstrated excellent immunogenicity and better tolerability than GSK's Shingrix in a Phase 2 study and is advancing toward an extension trial in mid-2025 with 640 participants, including adults over 70, to finalize dosing for Phase 3. The company is also testing it for chickenpox in immunocompromised children. On March 17, 2025, Curevo closed a $110 million Series B round led by Medicxi, with participation from new investors OrbiMed, HBM Healthcare Investments, Sanofi Ventures, and existing backers RA Capital Management, Janus Henderson Investors, Adjuvant Capital, and founding investor GC Biopharma. This nearly doubles the $60 million Series A from August 2022 (plus $26 million extension in November 2022). Funds will support Phase 2 extension and Phase 3 preparation to challenge Shingrix, which generated $4.4 billion in 2024 sales for GSK. Curevo bolstered its leadership by appointing Moncef Slaoui, former GSK vaccines head and Operation Warp Speed advisor who contributed to Shingrix, as board chair; Giovanni Mariggi from Medicxi and Tal Zaks from OrbiMed (ex-Moderna CMO) also joined the board. Investors see potential for amezosvatein to capture market share due to its tolerability profile, addressing patient, doctor, and payer needs in the shingles vaccine market. |
| Nov 2022 | Series A | Adjuvant Capital; Janus Henderson; RA Capital Management; GC Biopharma | $26M | Curevo Vaccine is a Seattle-based clinical-stage biotechnology company dedicated to developing safe and highly effective vaccines to reduce infectious disease burden. The company's lead product is CRV-101, a subunit vaccine to prevent varicella zoster virus reactivation (shingles) in older adults. Curevo closed a $26 million Series A-1 financing round on November 16, 2022, bringing total 2022 funding to $86 million. Investors in the Series A-1 included Janus Henderson Investors, RA Capital Management, Adjuvant Capital, and founding investor GC Biopharma, a South Korean biopharmaceutical company specializing in vaccines, protein therapies, and therapeutic antibodies. The proceeds were designated to support clinical development of next-generation subunit vaccines. At the time of the financing, CRV-101 was in Phase 2b clinical trials, with the company expecting topline data from the shingles trial in early 2023. The Phase 2b study enrolled 678 patients in six months, and investors noted the program had potential to match the clinical profile of Shingrix (then annualizing at approximately $3 billion in sales) without manufacturing capacity constraints. As a clinical-stage company at the round date, Curevo had no commercial revenue or established EBITDA metrics. |
| Jan 2022 | Series A | RA Capital Management (lead); Adjuvant Capital; Janus Henderson; E&Investment; GC Biopharma | $60M | Curevo Vaccine is a privately held, clinical-stage biotechnology company based in Seattle, focused on developing safe and highly effective subunit vaccines to reduce the burden of infectious diseases. Its lead product, CRV-101 (later named amezosvatein), is a next-generation shingles vaccine designed to prevent varicella zoster virus reactivation in older adults, aiming for improved tolerability compared to Shingrix while matching immunogenicity. In 2022, Curevo raised a total of $86 million across its Series A rounds, including a $60 million Series A financing to support the phase IIb study of CRV-101 and a subsequent $26 million Series A1 round closed ahead of phase IIb topline data expected in early 2023. The A1 round included investors Janus Henderson Investors, RA Capital Management, Adjuvant Capital, and founding investor GC Biopharma. These funds extended the company's cash runway to aggressively pursue its programs, with the phase IIb trial enrolling 678 patients in six months. Shingrix is noted as annualizing at $3B in sales, highlighting the commercial potential for a competitive shingles vaccine without manufacturing constraints. Later, in March 2025, Curevo raised a $110 million Series B led by Medicxi, with participation from GC Biopharma, RA Capital Management, Janus Henderson Investors, Adjuvant Capital, OrbiMed, HBM Healthcare Investments, and Sanofi Ventures, to advance amezosvatein into additional phase II trials and prepare for phase III. |
Who has invested in Curevo?
9 investors have backed Curevo across its funding rounds, including RA Capital Management, Janus Henderson, Adjuvant Capital, GC Biopharma, OrbiMed and HBM Healthcare Investments.
Lead investors include Medicxi and RA Capital Management.
Curevo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Jan 2022 | ||
| 3 | Participant | Jan 2022 | ||
| 3 | Lead | Jan 2022 | ||
| 3 | Participant | Jan 2022 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Mar 2025 | ||
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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 TrialCurevo Competitors
Curevo competitors include listed companies like Zhejiang Wolwo Bio-Pharma, Lotus Pharmaceutical and Bicara Therapeutics, and private ones like Anew Labs, Kardigan and Verdiva Bio.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $158M | $69M | $1.5B | 8.5x | ||
| Publicly listed | $644M | $252M | $1.5B | 3.2x | ||
| Publicly listed | - | ($155M) | $1.5B | - |
Curevo Public Comps
Curevo is no longer listed, but its public comps include Zhejiang Wolwo Bio-Pharma, Lotus Pharmaceutical, Bicara Therapeutics, Pharma Mar, Nippon Shinyaku, Xeris Biopharma, Marksans Pharma, Avalyn Pharma, Innoviva and Natco Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $158M | $69M | 8.3x | 8.5x | 19.0x | - | |||
| $644M | $252M | 4.9x | 3.2x | 12.4x | 8.9x | |||
| - | ($155M) | - | - | (6.4x) | (5.4x) | |||
| $255M | $77M | 5.3x | 5.5x | 17.5x | 27.5x | |||
| $1.1B | $271M | 1.0x | 0.9x | 3.9x | 3.9x | |||
| $292M | $38M | 5.7x | 4.6x | 44.1x | 28.2x | |||
| $307M | $68M | 4.7x | 4.3x | 21.2x | 20.2x | |||
| - | ($91M) | - | - | (12.5x) | (10.1x) | |||
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Common questions about Curevo
| When was Curevo founded? | Curevo was founded in 2018. |
| Where is Curevo headquartered? | Curevo is headquartered in Seattle, WA, United States. |
| Is Curevo publicly listed? | No, Curevo was acquired by Eli Lilly in May 2026. |
| Who acquired Curevo? | Curevo was acquired by Eli Lilly in May 2026. |
| How much was Curevo acquired for? | Curevo was acquired for $1.5B in May 2026. |
| How much funding has Curevo raised? | Curevo has raised $196M across 3 funding rounds. |
| What was Curevo's last funding round? | Curevo's last funding round was a $110M Series B in March 2025, led by Medicxi. |
| Who are Curevo's investors? | Curevo's investors include Adjuvant Capital, Janus Henderson, RA Capital Management, GC Biopharma, HBM Healthcare Investments, E&Investment, OrbiMed, Medicxi and Sanofi Ventures. |
| Which companies are comparable to Curevo? | Companies comparable to Curevo include Anew Labs, Kardigan, Verdiva Bio, Zhejiang Wolwo Bio-Pharma, Lotus Pharmaceutical and Bicara Therapeutics. |
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