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- Erydel
Erydel Acquisition, Valuation, Funding & Investors
Erydel was acquired by Quince Therapeutics for $510M in July 2023.
Erydel revenue at acquisition
$2M
Last twelve months · Jul 2023
Cumulative funding Erydel raised
$52M
across 2 funding rounds
Key investors in Erydel
Innogest Capital
Genextra
Sofinnova Partners
Finlombarda Gestioni SGR
About Erydel
EryDel is an Urbino-based biotech firm pioneering erythrocyte-mediated drug delivery technology. Its patented platform loads red blood cells with therapeutics, proteins, nanoparticles, or diagnostic agents for controlled release, enhancing efficacy and minimizing side effects in chronic conditions. The system targets inflammatory bowel diseases like ulcerative colitis and Crohn's, with clinical testing in patients. EryDel supplies the Red Cell Loader device and disposable kits for complete drug loading processes.
Founded
2007
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$2M (Jul 2023)
Valuation
$510M (acquired Jul 2023)
Erydel Acquisition
Erydel was acquired by Quince Therapeutics for $510M on 24 July 2023.
Before the acquisition Erydel had raised $52M across 2 funding rounds.
Quince Therapeutics, a late-stage biotechnology company developing innovative drug delivery technologies for rare diseases, completed its acquisition of EryDel S.p.A., a global late-stage biotech focused on therapies for rare diseases using proprietary red blood cell technology, on October 23, 2023. EryDel's lead asset, EryDex (EDS), is in Phase 3 development for Ataxia-Telangiectasia (A-T), a rare autosomal recessive neurodegenerative disorder with no approved treatments and over $1 billion estimated peak sales potential globally. EryDex has Orphan Drug designation from the FDA and EMA, with a completed Phase 2 pilot trial showing statistically significant efficacy on primary and secondary endpoints. The deal was structured as a stock-for-stock exchange with no upfront cash payment; EryDel stockholders received shares representing 15.2% of Quince's outstanding shares upon closing, plus up to 725,036 additional shares (bringing total to 16.6%) on the first anniversary. They are also eligible for up to $485 million in downstream cash milestones: $5 million development, $25 million NDA acceptance, $60 million approvals, $395 million sales/market, with no royalties. Quince assumed EryDel's $13 million (€10 million principal) European Investment Bank loan, with payments starting second half of 2026. Post-acquisition, EryDel operates as a wholly owned subsidiary, retaining its Italian corporate and manufacturing presence. The strategic rationale centers on EryDel's Autologous Intracellular Delivery of Enzyme (AIDE) technology, enabling controlled, slow-release autologous dexamethasone encapsulation for chronic steroid administration with improved safety, targeting A-T and potential expansion to other rare diseases where long-term steroids are standard or limited by toxicity. The transaction received unanimous board approval, cleared regulatory hurdles, and closed in Q4 2023 as planned.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 24 Jul 2023 | Strategic M&A | $510M | 283.3x |
Erydel Funding History
Erydel has raised a total of $52M across 2 funding rounds.
Erydel's first fundraising round was a $20M Series B in July 2013. The most recent completed round was a $32M Series B in April 2018.
Erydel funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2018 | Series B | Sofinnova Partners (lead); Genextra; Innogest Capital | $32M | EryDel is an Italian biotech company specializing in drug delivery through red blood cells, with its lead product EryDex receiving Orphan Drug designation from the FDA and EMA for treating Ataxia Telangiectasia, a rare neurodegenerative disease. The company develops a system that encapsulates drugs into a patient's red blood cells for re-infusion. On April 24, 2018, EryDel closed a €26.5 million financing round led by Sofinnova Partners, with participation from existing investors Genextra SpA and Innogest SGR. In conjunction with the investment, Sofinnova Partners’ Managing Partner Graziano Seghezzi joined EryDel’s Board of Directors. The funds are designated to accelerate EryDel’s international development and complete the registrational Phase III ATTeST clinical trial, currently enrolling patients in Europe, Asia, Australia, and the United States. CEO Luca Benatti, a serial entrepreneur who previously founded Newron Pharmaceuticals, highlighted Sofinnova Partners' international reach and experience in building global leaders as key assets for EryDel's growth plan. Graziano Seghezzi noted the firm's long-term familiarity with Benatti and belief in the company's potential for rapid growth. No financial metrics such as post-money valuation, revenue, ARR, EBITDA, or valuation multiples are disclosed in the press releases or reports covering this specific round. |
| Jul 2013 | Series B | Genextra (lead); Finlombarda Gestioni SGR; Innogest Capital | $20M | - |
Who has invested in Erydel?
4 investors have backed Erydel across its funding rounds, including Innogest Capital, Genextra, Sofinnova Partners and Finlombarda Gestioni SGR.
Lead investors include Sofinnova Partners and Genextra.
Erydel Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jul 2013 | ||
| 2 | Participant | Jul 2013 | ||
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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 TrialErydel Competitors
Erydel competitors include listed companies like Kamada and Ocumension, and private ones like Ollin Biosciences, Shoreline Biosciences, Yantai Lannacheng Biotechnology and Strand Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $180M | $37M | $501M | 2.3x | ||
| Private | - | - | $500M | - | ||
| Private | - | - | $528M | - | ||
| Private | $2M | - | $477M | - | ||
| Publicly listed | $120M | ($3M) | $548M | - | ||
| Private | - | - | $550M | - |
Erydel Public Comps
Erydel is no longer listed, but its public comps include IBA Group, Tactile Medical, Autolus Therapeutics, Vogenx, Pharmicell, Assembly Biosciences, Ever Supreme Bio Technology, Kamada, Boiron and Onconic Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $714M | $40M | 0.8x | 0.8x | 14.8x | 10.5x | |||
| $330M | $36M | 1.3x | 1.2x | 12.3x | 9.1x | |||
| $75M | ($258M) | 5.2x | 3.1x | (1.5x) | (1.8x) | |||
| - | ($1M) | - | - | (349.7x) | - | |||
| $83M | $27M | 5.7x | 6.2x | 17.6x | 18.6x | |||
| $72M | ($12M) | 2.7x | 3.0x | (16.5x) | 9.1x | |||
| $32M | $16M | 14.9x | 14.6x | 29.1x | - | |||
| $180M | $37M | 2.5x | 2.3x | 11.9x | 9.2x | |||
This data is available for Pro users. Sign up to see all Erydel competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Erydel
| When was Erydel founded? | Erydel was founded in 2007. |
| Where is Erydel headquartered? | Erydel is headquartered in San Giovanni, Italy. |
| Is Erydel publicly listed? | No, Erydel was acquired by Quince Therapeutics in July 2023. |
| Who acquired Erydel? | Erydel was acquired by Quince Therapeutics in July 2023. |
| How much was Erydel acquired for? | Erydel was acquired for $510M in July 2023. |
| How much funding has Erydel raised? | Erydel has raised $52M across 2 funding rounds. |
| What was Erydel's last funding round? | Erydel's last funding round was a $32M Series B in April 2018, led by Sofinnova Partners. |
| Who are Erydel's investors? | Erydel's investors include Genextra, Innogest Capital, Finlombarda Gestioni SGR and Sofinnova Partners. |
| Which companies are comparable to Erydel? | Companies comparable to Erydel include Kamada, Ollin Biosciences, Shoreline Biosciences, Yantai Lannacheng Biotechnology, Ocumension and Strand Therapeutics. |
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