Emalex Biosciences Acquisition, Valuation, Funding & Investors

Emalex Biosciences was acquired by Teva Pharmaceuticals for $700M in April 2026.

Emalex Biosciences acquisition price

$700M

Acquired by Teva Pharmaceuticals · Apr 2026

Cumulative funding Emalex Biosciences raised

$305M

across 2 funding rounds

Key investors in Emalex Biosciences

Emalex Biosciences Overview

About Emalex Biosciences

Emalex Biosciences is a Chicago-based biotech developing treatments for central nervous system disorders. Their lead candidate, ecopipam, targets pediatric Tourette Syndrome and other conditions through selective dopamine receptor modulation. Founded in 2018, the company advances clinical trials for neurodevelopmental therapies, partnering with research institutions for Phase 2 and 3 studies.


Founded

2018

HQ

United StatesChicago, IL

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$700M (acquired Apr 2026)

Emalex Biosciences Acquisition

Emalex Biosciences was acquired by Teva Pharmaceuticals for $700M on 28 April 2026.

Before the acquisition Emalex Biosciences had raised $305M across 2 funding rounds.

Teva Pharmaceutical Industries agreed to acquire Emalex Biosciences for $700 million in upfront cash plus up to $200 million in milestones and royalties. The deal, announced on April 29, 2026, adds ecopipam, an NDA-ready first-in-class D1 antagonist for pediatric Tourette syndrome, to Teva's portfolio. Ecopipam is in Phase III trials with expected FDA approval by 2027. Teva's acquisition bolsters its neuroscience pipeline amid strong Q1 2026 performance, including $3.98 billion revenue and growth in AUSTEDO, AJOVY, and UZEDY. The deal will be funded with cash on hand, with near-term margin dilution from IPR&D and integration costs, but Teva reaffirmed its 2026 guidance of $16.4-16.8 billion revenue and $2.0-2.4 billion free cash flow, including the Emalex impact. It supports Teva's 2027 margin and cash flow targets. Emalex Biosciences, based in Chicago, develops ecopipam as an innovative treatment for Tourette syndrome in children. The company has no disclosed revenue or EBITDA. Teva's market capitalization is approximately $36.64 billion.

Emalex Biosciences acquisition details
AcquirerDateTypePrice
28 Apr 2026Strategic M&A$700M

Emalex Biosciences Funding History

Emalex Biosciences has raised a total of $305M across 2 funding rounds.

Emalex Biosciences' first fundraising round was a $35M Series C in March 2021. The most recent completed round was a $270M Series D in November 2022.

Emalex Biosciences funding rounds

Emalex Biosciences funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2022Series DBain Capital (lead); Fidelity; Paragon Biosciences; Valor Equity Partners$270MEmalex Biosciences, founded by Paragon Biosciences in 2018, develops novel treatments for central nervous system disorders, focusing on serious neurological conditions like Tourette Syndrome. The company announced an upsized and oversubscribed $250 million Series D funding round on November 3, 2022, led by Bain Capital Life Sciences, with participation from Paragon Biosciences, Valor Equity Partners, Fidelity Management & Research Company, and several family offices. Funds are primarily allocated to support a Phase 3 clinical trial of ecopipam, an investigational first-in-class dopamine D1 receptor antagonist, targeting enrollment of over 220 patients across approximately 90 sites—the largest such trial in North America for Tourette Syndrome. Emalex's leadership, including founder Jeff Aronin who is also Paragon Biosciences CEO, emphasizes the challenges of neurology drug development and the need for new options in areas with high unmet medical needs. The trial assesses ecopipam's potential to disrupt dopamine D1 receptor interactions for treating Tourette Syndrome. Prior to this round, Emalex had raised additional capital, contributing to a total of $563.8 million across seven rounds by late 2022, including a subsequent $217 million debt financing on November 4, 2022. No financial metrics such as revenue, ARR, EBITDA, post-money valuation, or multiples were disclosed in connection with this financing. Emalex operates as a clinical-stage biopharmaceutical company without reported commercial products or revenue-generating activities near the funding date.
Mar 2021Series CParagon Biosciences (lead); Fidelity; Valor Equity Partners$35MEmalex Biosciences is a biopharmaceutical company founded by Paragon Biosciences in 2018 to develop treatments for central nervous system movement disorders and fluency disorders. The company's lead investigational compound is ecopipam (EBS-101), a first-in-class dopamine-1 (D1) receptor antagonist being evaluated for pediatric Tourette syndrome and childhood-onset fluency disorder (stuttering) in adults. On March 23, 2021, Emalex announced a $35 million Series C Preferred Stock financing round led by Paragon Biosciences, with participation from Fidelity Management & Research Company LLC and Valor Equity Partners. The funds were designated to advance Phase 2b and Phase 2 clinical trials for both indications. In November 2021, approximately eight months after this Series C round, Emalex announced positive topline results from its Phase 2b D1AMOND Study evaluating ecopipam in pediatric Tourette syndrome patients. A second Phase 2 study evaluating the drug for stuttering in adult patients was fully enrolled by late 2021. The company later raised a Series D round of $250 million led by Bain Capital Life Sciences, with Paragon Biosciences, Valor Equity Partners, and Fidelity participating again.

Who has invested in Emalex Biosciences?

4 investors have backed Emalex Biosciences across its funding rounds, including Fidelity, Valor Equity Partners, Paragon Biosciences and Bain Capital.

Lead investors include Bain Capital and Paragon Biosciences.


Emalex Biosciences Investors

Investors in Emalex Biosciences by funding rounds participated
InvestorHQRoundsRoleFirst check
FidelityUnited StatesBoston, MA2ParticipantMar 2021
Paragon BiosciencesUnited StatesChicago, IL2LeadMar 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Emalex Biosciences

Emalex Biosciences has acquired 1 company to date.

Last acquisition by Emalex Biosciences was on August 14th 2018. Emalex Biosciences acquired Psyadon Pharmaceuticals for undisclosed valuation.


Latest Acquisitions by Emalex Biosciences

Psyadon Pharmaceuticals
Description
Psyadon Pharmaceuticals was a biopharmaceutical company focused on treatments for psychiatric and neurological diseases like schizophrenia and Parkinson's. Gaithersburg-headquartered, Psyadon advanced metabotropic glutamate receptor modulators into clinical trials before ceasing operations in 2013.
HQ CountryUnited States
HQ City
Milwaukee, WI
Deal Date14 Aug 2018
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Emalex Biosciences Competitors

Emalex Biosciences competitors include listed companies like Ironwood Pharmaceuticals, Nuvectis Pharma, Zevra Therapeutics and CHO Pharma, and private ones like AdvanCell and Angiocrine Bioscience.

Public and private companies comparable to Emalex Biosciences
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AdvanCellAustraliaSydneyPrivate--$700M-
Ironwood PharmaceuticalsUnited StatesUnited StatesPublicly listed$296M$101M$699M2.4x
Nuvectis PharmaUnited StatesUnited StatesPublicly listed-($28M)$698M-
Zevra TherapeuticsUnited StatesUnited StatesPublicly listed$106M$92M$703M3.5x
Angiocrine BioscienceUnited StatesNew York City, NYPrivate--$697M-
CHO PharmaTaiwanTaiwanPublicly listed$45K($9M)$705M-

Emalex Biosciences Public Comps

Emalex Biosciences is no longer listed, but its public comps include Ironwood Pharmaceuticals, Nuvectis Pharma, Zevra Therapeutics, CHO Pharma, Sagimet Biosciences, SK Chemicals, Genfit, XOMA Royalty, Tempo Scan Pacific and Monopar Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ironwood Pharmaceuticals$296M$101M3.4x2.4x10.1x3.6x
Nuvectis Pharma-($28M)--(24.5x)(23.3x)
Zevra Therapeutics$106M$92M4.5x3.5x5.3x9.5x
CHO Pharma$45K($9M)14338.3x-(68.6x)-
Sagimet Biosciences-($57M)--(8.0x)-
SK Chemicals$1.7B$168M1.0x0.9x10.5x10.0x
Genfit$75M($98M)9.9x7.9x(7.7x)52.1x
XOMA Royalty$52M$11M14.4x14.4x65.7x65.7x

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Common questions about Emalex Biosciences

When was Emalex Biosciences founded?Emalex Biosciences was founded in 2018.
Where is Emalex Biosciences headquartered?Emalex Biosciences is headquartered in Chicago, IL, United States.
Is Emalex Biosciences publicly listed?No, Emalex Biosciences was acquired by Teva Pharmaceuticals in April 2026.
Who acquired Emalex Biosciences?Emalex Biosciences was acquired by Teva Pharmaceuticals in April 2026.
How much was Emalex Biosciences acquired for?Emalex Biosciences was acquired for $700M in April 2026.
How much funding has Emalex Biosciences raised?Emalex Biosciences has raised $305M across 2 funding rounds.
What was Emalex Biosciences' last funding round?Emalex Biosciences' last funding round was a $270M Series D in November 2022, led by Bain Capital.
Who are Emalex Biosciences' investors?Emalex Biosciences' investors include Fidelity, Paragon Biosciences, Valor Equity Partners and Bain Capital.
Which companies are comparable to Emalex Biosciences?Companies comparable to Emalex Biosciences include AdvanCell, Ironwood Pharmaceuticals, Nuvectis Pharma, Zevra Therapeutics, Angiocrine Bioscience and CHO Pharma.
How many companies has Emalex Biosciences acquired?Emalex Biosciences has acquired 1 company, including Psyadon Pharmaceuticals.

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