Dermira Acquisition, Valuation, Funding & Investors

Dermira was acquired by Eli Lilly for $1.1B in January 2020, a 13.7x multiple on $83M of revenue.

Dermira acquisition price

$1.1B

Acquired by Eli Lilly · Jan 2020

Dermira revenue at acquisition

$83M

Last twelve months · Jan 2020

Dermira revenue multiple at acquisition

13.7x

EV/Revenue · Jan 2020

Cumulative funding Dermira raised

$86M

across 2 funding rounds

Dermira Overview

About Dermira

Dermira is a Menlo Park-headquartered biopharmaceutical firm advancing therapies for chronic skin diseases. Its commercial product QBREXZA treats primary axillary hyperhidrosis in patients aged nine and older. Previously developed lebrikizumab, a monoclonal antibody for moderate-to-severe atopic dermatitis, now part of Eli Lilly's portfolio following Dermira's 2019 acquisition. The company targets underserved markets in dermatology including psoriasis and acne through biologic and small-molecule candidates.


Founded

2010

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$83M (Jan 2020)

Valuation

$1.1B (acquired Jan 2020)

Dermira Acquisition

Dermira was acquired by Eli Lilly for $1.1B on 10 January 2020.

The acquisition price implies a 13.7x revenue multiple on $83M of revenue.

Before the acquisition Dermira had raised $86M across 2 funding rounds.

Dermira acquisition details
AcquirerDateTypePriceEV/Revenue
10 Jan 2020Strategic M&A$1.1B13.7x

Dermira Funding History

Dermira has raised a total of $86M across 2 funding rounds.

Dermira's first fundraising round was a $35M Series B in June 2013. The most recent completed round was a $51M Series C in August 2014.

Dermira funding rounds

Dermira funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2014Series CSabby Capital; Canaan Partners; New Enterprise Associates; UCB; Apple Tree Partners; Rock Springs Capital; Bay City Capital; Aisling Capital$51MDermira is a Redwood City, California-based dermatology product developer founded in 2010 that focuses on treatments for skin conditions including psoriasis, acne, and hyperhidrosis. The company raised a $51 million Series C round in August 2014 from investors including Bay City Capital, New Enterprise Associates, Canaan Partners, and UCB (Union Chimique Belge), among others. The round funded development of its pipeline, which included Cimzia (a TNF blocker in partnership with UCB for psoriasis treatment), DRM04 (for hyperhidrosis in Phase IIb trials), DRM01 (acne treatment in Phase IIa), DRM02 (topical treatment for inflammatory skin disease), and DRM05 (preclinical acne candidate). Two months after the Series C, Dermira completed a successful IPO on October 10, 2014, pricing 7.8 million shares at $16 each to raise $125 million, with UCB investing an additional $7.5 million in the offering. At the time of the IPO filing, Dermira reported it still had not produced revenue and carried an accumulated deficit of approximately $68 million, reflecting the pre-revenue stage typical of clinical-stage biotech companies. Over its first four years, Dermira had raised $128 million in venture capital before going public.
Jun 2013Series BMaruho (lead); Canaan Partners; New Enterprise Associates; Bay City Capital$35MDermira, a Redwood City, California-based development-stage biotechnology company founded in late 2010, focuses on developing and commercializing innovative therapies for serious dermatological conditions such as acne, psoriasis, atopic dermatitis, and inflammatory skin diseases. The company was seed-financed by Bay City Capital and former executives from Peplin and Connetics, including CEO Tom Wiggans and Dr. Eugene Bauer. In 2011, Dermira raised a $42 million Series A round and acquired Valocor Therapeutics, a spin-out from QLT Inc. The Series B financing announced around June 2013 raised $35 million, led by new investor Maruho Co., Ltd., Japan's leading dermatology company, with participation from existing investors Bay City Capital, New Enterprise Associates, and Canaan Partners. The funds were intended to advance Dermira's pipeline, including topical small-molecule therapeutics like lemuteporfin for acne and candidates targeting sebaceous gland hyperactivity and inflammatory diseases entering the clinic. Maruho, with FY 2011 sales of approximately $607 million (¥61 billion), brought global dermatology expertise to the round, aligning with Dermira's ambition to address high patient need areas worldwide. Later, Dermira raised a $51 million Series C in 2014 from investors including UCB, Bay City Capital, NEA, Canaan Partners, Apple Tree Partners, Aisling Capital, Rock Springs Capital, and Sabby Capital, bringing total funding to about $128 million by its 2014 IPO filing. In the IPO, priced at $14-$16 per share to raise up to $98.4 million, stakes were noted for shareholders like NEA and Bay City at 15.5% each, Canaan at 11%, Maruho at 5.3%, and UCB at 8.4%. Dermira's progress reflected a robust dermatology market, with prior acquisitions like Allergan's $275 million buy of Vicept Therapeutics and Valeant's purchases of Sanofi and J&J dermatology units plus Medicis. The company planned IPO proceeds for developing psoriasis candidate Cimzia ($40 million) and other R&D ($45m). SEC filings later showed net losses of $20.3 million in 2012 and $22.4 million in 2013, confirming its pre-revenue development stage near the round date.

Who has invested in Dermira?

9 investors have backed Dermira across its funding rounds, including New Enterprise Associates, Canaan Partners, Bay City Capital, Rock Springs Capital, Aisling Capital and Apple Tree Partners.

Lead investors include Maruho.


Dermira Investors

Investors in Dermira by funding rounds participated
InvestorHQRoundsRoleFirst check
Canaan PartnersUnited StatesUnited States2ParticipantJun 2013
New Enterprise AssociatesUnited StatesSan Francisco, CA2ParticipantJun 2013
Bay City CapitalUnited StatesSan Francisco, CA2ParticipantJun 2013
Sabby CapitalUnited StatesUpper Saddle River, NJ1ParticipantAug 2014
MaruhoJapanTokyo1LeadJun 2013
UCBBelgiumBrussels1ParticipantAug 2014
Apple Tree PartnersUnited StatesNew York City, NY1ParticipantAug 2014

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Dermira Competitors

Dermira competitors include listed companies like Blue Jet Healthcare, Strides Pharma, MannKind and Odyssey Therapeutics, and private ones like La Renon and Antekin Biotech.

Public and private companies comparable to Dermira
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Blue Jet HealthcareIndiaIndiaPublicly listed$98M$37M$1.1B9.9x
Strides PharmaIndiaIndiaPublicly listed$483M$104M$1.2B2.4x
MannKindUnited StatesUnited StatesPublicly listed$349M$43M$1.2B3.3x
Odyssey TherapeuticsUnited StatesUnited StatesPublicly listed$3M($151M)$1.1B973.1x
La RenonIndiaAhmedabadPrivate$180M$38M$1.2B6.5x
Antekin BiotechChinaChengduPrivate--$1.2B-

Dermira Public Comps

Dermira is no longer listed, but its public comps include Blue Jet Healthcare, Strides Pharma, MannKind, Odyssey Therapeutics, Savara, Ribolia, Cosmo, Seaport Therapeutics, Philogen and Apnimed.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Blue Jet Healthcare$98M$37M11.1x9.9x29.7x31.3x
Strides Pharma$483M$104M2.7x2.4x12.7x12.6x
MannKind$349M$43M3.9x3.3x31.6x-
Odyssey Therapeutics$3M($151M)279.0x973.1x(5.5x)(4.8x)
Savara-($123M)-505.5x(7.9x)-
Ribolia$22M($32M)39.3x15.7x(26.9x)(39.5x)
Cosmo$120M$13M8.0x7.8x76.4x70.8x
Seaport Therapeutics-($84M)--(10.7x)(6.5x)

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Common questions about Dermira

When was Dermira founded?Dermira was founded in 2010.
Where is Dermira headquartered?Dermira is headquartered in San Francisco, CA, United States.
Is Dermira publicly listed?No, Dermira was acquired by Eli Lilly in January 2020.
Who acquired Dermira?Dermira was acquired by Eli Lilly in January 2020.
How much was Dermira acquired for?Dermira was acquired for $1.1B in January 2020, a 13.7x revenue multiple.
How much funding has Dermira raised?Dermira has raised $86M across 2 funding rounds.
What was Dermira's last funding round?Dermira's last funding round was a $51M Series C in August 2014.
Who are Dermira's investors?Dermira's investors include Canaan Partners, New Enterprise Associates, Bay City Capital, Sabby Capital, Maruho, UCB, Apple Tree Partners, Rock Springs Capital and Aisling Capital.
Which companies are comparable to Dermira?Companies comparable to Dermira include Blue Jet Healthcare, Strides Pharma, MannKind, Odyssey Therapeutics, La Renon and Antekin Biotech.

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