DTx Pharma Acquisition, Valuation, Funding & Investors

DTx Pharma was acquired by Novartis for $1.1B in July 2023.

DTx Pharma acquisition price

$1.1B

Acquired by Novartis · Jul 2023

DTx Pharma revenue at acquisition

$5M

Last twelve months · Jul 2023

Cumulative funding DTx Pharma raised

$114M

across 3 funding rounds

Key investors in DTx Pharma

  • Friedman BioVentures
  • Tech Coast Angels
  • Eli Lilly
  • ExSight Ventures
  • Tachyon Ventures
  • RA Capital Management

DTx Pharma Overview

About DTx Pharma

DTx Pharma is a biotechnology company advancing RNA therapeutics delivery platforms for personalized medicine. Headquartered in the United States, it develops lipid nanoparticle technologies improving pharmacokinetics and cellular uptake for treatments in oncology and rare diseases. The platform supports siRNA, mRNA, and ASO modalities.


Founded

2017

HQ

United StatesSan Diego, CA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Revenue

$5M (Jul 2023)

Valuation

$1.1B (acquired Jul 2023)

DTx Pharma Acquisition

DTx Pharma was acquired by Novartis for $1.1B on 17 July 2023.

Before the acquisition DTx Pharma had raised $114M across 3 funding rounds.

DTx Pharma acquisition details
AcquirerDateTypePriceEV/Revenue
17 Jul 2023Strategic M&A$1.1B239.1x

DTx Pharma Funding History

DTx Pharma has raised a total of $114M across 3 funding rounds.

DTx Pharma's first fundraising round was a $3M Series A in May 2019. The most recent completed round was a $100M Series B in March 2021.

DTx Pharma funding rounds

DTx Pharma funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2021Series BRA Capital Management (lead); Janus Henderson; Tachyon Ventures; Eli Lilly; Logos Capital; ExSight Ventures; Access Biotechnology; Cormorant Asset Management; Surveyor Capital; Viva BioInnovator; Friedman BioVentures$100MDTx Pharma, a San Diego-based biotechnology company, develops novel RNA-based therapeutics targeting genetic drivers of disease, focusing on its proprietary FALCON platform that uses fatty acid ligands for enhanced cellular uptake and biodistribution to tissues like ocular, neuromuscular, and CNS beyond the liver. The company completed a $100 million Series B financing on March 1, 2021, led by RA Capital Management, with participation from new investors Access Biotechnology, Surveyor Capital (Citadel), Cormorant Asset Management, Janus Henderson Investors, and Logos Capital, plus existing investors Friedman Bioventure Fund, Eli Lilly and Company, Viva BioInnovator, and ExSight Ventures. RA Capital principal Matthew Hammond and Access Biotechnology partner Dan Becker joined the board post-financing. Proceeds were allocated to advance the FALCON platform into clinical development for treating peripheral nervous system, central nervous system, and neuromuscular diseases. Prior to this round, DTx had raised from Eli Lilly, NIH, and CMT Research Foundation, bringing total funding over $115 million across rounds. The platform addresses delivery challenges limiting RNA therapeutics. DTx Pharma was later acquired by Novartis on July 17, 2023.
Jan 2020Series AFriedman BioVentures (lead); Viva Biotech; Tachyon Ventures; Eli Lilly; ExSight Ventures; Tech Coast Angels$11MDTx Pharma is a biotech company founded in 2017 that developed the FALCON platform, a novel delivery system for siRNA (small interfering RNA) precision medicines to target individual genes and reduce their activity in diseased cells and tissues. The company addressed a key bottleneck in nucleic acid therapy by solving the delivery problem that had previously limited widespread adoption of siRNA approaches. In its Series B financing, DTx Pharma raised more than $100 million from investors including Friedman BioVentures, Tech Coast Angels, and other leading biotech investors to advance the FALCON platform toward and into clinical development. The company subsequently completed a full acquisition by Swiss pharmaceutical company Novartis in July 2024 for a total deal value of $1 billion, comprising $500 million paid at closing and an additional $500 million contingent on achieving certain drug development milestones.
May 2019Series AGrant Van Cleve; Tech Coast Angels; Friedman BioVentures$3MDTx Pharma, founded in 2017 and headquartered in Torrey Pines, San Diego, develops a platform for effective delivery of small interfering RNA (siRNA) treatments using its proprietary technology to overcome cellular delivery challenges. The company raised $3 million in a Series A funding round around May 2019 from investors including Tech Coast Angels and Friedman Bioventure, bringing total funding to date to $5.5 million. Prior to the round, DTx had raised $2 million in a seed round. In early April 2019, it received two Small Business Innovation Research grants totaling over $600,000 from the National Institutes of Health to advance treatments for retinitis pigmentosa and muscular dystrophy. The Series A round matched the specified investors, with Friedman Bioventure's Jeffrey Friedman serving as a key figure and chief operating officer. The company employed 5 people at the time and focused on RNA-based therapeutics competing with firms like Ionis Pharmaceuticals, Arcturus Therapeutics, Avidity Biosciences, and Regulus Therapeutics. Early investors in the convertible note and Series A rounds later achieved 6-9x returns from the 2023 Novartis acquisition, with potential up to 18x on milestones.

Who has invested in DTx Pharma?

14 investors have backed DTx Pharma across its funding rounds, including Friedman BioVentures, Tech Coast Angels, Eli Lilly, ExSight Ventures, Tachyon Ventures and RA Capital Management.

Lead investors include RA Capital Management and Friedman BioVentures.


DTx Pharma Investors

Investors in DTx Pharma by funding rounds participated
InvestorHQRoundsRoleFirst check
Friedman BioVenturesUnited StatesUnited States3LeadMay 2019
Tachyon VenturesUnited StatesLos Angeles, CA2ParticipantJan 2020
Eli LillyUnited StatesIndianapolis, IN2ParticipantJan 2020
ExSight VenturesUnited StatesNew York City, NY2ParticipantJan 2020
Tech Coast AngelsUnited StatesLos Angeles, CA2ParticipantMay 2019
Grant Van CleveUnited StatesUnited States1ParticipantMay 2019
Viva BiotechChinaShanghai1ParticipantJan 2020
Janus HendersonUnited StatesLondon1ParticipantMar 2021
Logos CapitalUnited StatesSan Francisco, CA1ParticipantMar 2021
RA Capital ManagementUnited StatesBoston, MA1LeadMar 2021
Access BiotechnologyUnited StatesNew York City, NY1ParticipantMar 2021
Cormorant Asset ManagementUnited StatesBoston, MA1ParticipantMar 2021

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DTx Pharma Competitors

DTx Pharma competitors include listed companies like Philogen, CStone Pharmaceuticals, Ribolia and Jade Biosciences, and private ones like Letu and Formation Bio.

Public and private companies comparable to DTx Pharma
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PhilogenItalyItalyPublicly listed$362M$303M$1.1B5.9x
CStone PharmaceuticalsChinaChinaPublicly listed$40M($56M)$1.1B16.3x
RiboliaChinaChinaPublicly listed$22M($32M)$1.1B15.7x
LetuChinaShenzhenPrivate--$1.1B-
Jade BiosciencesUnited StatesUnited StatesPublicly listed-($135M)$1.1B-
Formation BioUnited StatesNew York City, NYPrivate--$1B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Philogen$362M$303M1.9x5.9x2.2x11.0x
CStone Pharmaceuticals$40M($56M)22.8x16.3x(16.3x)(15.1x)
Ribolia$22M($32M)39.3x15.7x(26.9x)(39.5x)
Jade Biosciences-($135M)--(4.7x)-
Savara-($123M)-505.5x(7.9x)-
Odyssey Therapeutics$3M($151M)279.0x973.1x(5.5x)(4.8x)
Kissei Pharmaceutical$626M$138M1.2x1.2x5.5x17.2x
Obsidian Therapeutics-($104M)--(13.0x)-

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Common questions about DTx Pharma

When was DTx Pharma founded?DTx Pharma was founded in 2017.
Where is DTx Pharma headquartered?DTx Pharma is headquartered in San Diego, CA, United States.
Is DTx Pharma publicly listed?No, DTx Pharma was acquired by Novartis in July 2023.
Who acquired DTx Pharma?DTx Pharma was acquired by Novartis in July 2023.
How much was DTx Pharma acquired for?DTx Pharma was acquired for $1.1B in July 2023.
How much funding has DTx Pharma raised?DTx Pharma has raised $114M across 3 funding rounds.
What was DTx Pharma's last funding round?DTx Pharma's last funding round was a $100M Series B in March 2021, led by RA Capital Management.
Who are DTx Pharma's investors?DTx Pharma's investors include Friedman BioVentures, Tachyon Ventures, Eli Lilly, ExSight Ventures, Tech Coast Angels, Grant Van Cleve, Viva Biotech, Janus Henderson, Logos Capital, RA Capital Management and 4 others.
Which companies are comparable to DTx Pharma?Companies comparable to DTx Pharma include Philogen, CStone Pharmaceuticals, Ribolia, Letu, Jade Biosciences and Formation Bio.

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