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- FORMA Therapeutics
FORMA Therapeutics Acquisition, Valuation, Funding & Investors
FORMA Therapeutics was acquired by Novo Nordisk for $1.1B in September 2022.
Cumulative funding FORMA Therapeutics raised
$100M
across 1 funding round
Key investors in FORMA Therapeutics
RA Capital Management
Wellington Management
Cormorant Asset Management
Janus Henderson
Samsara BioCapital
Baker Brothers Advisors LLC
About FORMA Therapeutics
FORMA Therapeutics is a Watertown-headquartered biopharma company developing small-molecule drugs targeting cancer stem cells, tumor metabolism, and epigenetic pathways. The pipeline includes olutasidenib for IDH1-mutant cancers approved by the FDA in 2022. FORMA partners with Pfizer for sickle cell disease programs and leverages platforms from Harvard's Broad Institute.
Founded
2007
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales, Licensing
Valuation
$1.1B (acquired Sep 2022)
Sectors
FORMA Therapeutics Acquisition
FORMA Therapeutics was acquired by Novo Nordisk for $1.1B on 1 September 2022.
Before the acquisition FORMA Therapeutics had raised $100M across 1 funding round.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 1 Sep 2022 | Strategic M&A | $1.1B |
FORMA Therapeutics Funding History
FORMA Therapeutics has raised a total of $100M across 1 funding round.
FORMA Therapeutics funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2019 | Series D | RA Capital Management (lead); Wellington Management; Janus Henderson; Baker Brothers Advisors LLC; Samsara BioCapital; Cormorant Asset Management | $100M | FORMA Therapeutics, a Watertown, Mass.-based biotech company, raised $100 million in a Series D financing round on December 19, 2019, led by RA Capital Management with participation from Cormorant Asset Management, Wellington Management, Samsara BioCapital, and others. The round marked a shift for the company, which had previously relied primarily on research partnership payments from collaborators like Novartis and Eli Lilly rather than venture capital, having raised only about $42 million from VC funds prior to this. The financing supported advancement of its lead drug candidate targeting sickle cell disease, which had shown healthy volunteer data, once-a-day dosing, and a promising mechanism of action. From inception through March 31, 2020, FORMA had raised $144.0 million in gross proceeds from sales of preferred shares and preferred stock, alongside approximately $895.8 million from collaboration arrangements. In March 2019, it made a one-time distribution of about $44.0 million to shareholders as a partial return of capital. As of March 31, 2020, cash, cash equivalents, and marketable securities stood at $142.4 million, though the company had experienced negative cash flows due to R&D expenditures and terminated collaborations despite prior profitability. The Series D was part of a broader financing strategy, followed by an IPO in June 2020 raising over $319 million at $20 per share, a follow-on offering in December 2020 for $275 million, and eventual acquisition by Novo Nordisk in 2022 for $1.1 billion or $20 per share. The 2019 investors' rights agreement confirmed the Series D Preferred Stock issuance on December 18, 2019. No sources provide post-money valuation, revenue, ARR, EBITDA, or valuation multiples for the round. |
Who has invested in FORMA Therapeutics?
6 investors have backed FORMA Therapeutics across its funding rounds, including RA Capital Management, Wellington Management, Cormorant Asset Management, Janus Henderson, Samsara BioCapital and Baker Brothers Advisors LLC.
Lead investors include RA Capital Management.
FORMA Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Dec 2019 | ||
| 1 | Participant | Dec 2019 | ||
| 1 | Participant | Dec 2019 | ||
| 1 | Lead | Dec 2019 | ||
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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 TrialFORMA Therapeutics Competitors
FORMA Therapeutics competitors include listed companies like Philogen, CStone Pharmaceuticals, Ribolia and Jade Biosciences, and private ones like Letu and Formation Bio.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $362M | $303M | $1.1B | 5.9x | ||
| Publicly listed | $40M | ($56M) | $1.1B | 16.3x | ||
| Publicly listed | $22M | ($32M) | $1.1B | 15.7x | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | - | ($135M) | $1.1B | - | ||
| Private | - | - | $1B | - |
FORMA Therapeutics Public Comps
FORMA Therapeutics is no longer listed, but its public comps include Philogen, CStone Pharmaceuticals, Ribolia, Jade Biosciences, Savara, Odyssey Therapeutics, Kissei Pharmaceutical, Obsidian Therapeutics, Blue Jet Healthcare and Monte Rosa Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $362M | $303M | 1.9x | 5.9x | 2.2x | 11.0x | |||
| $40M | ($56M) | 22.8x | 16.3x | (16.3x) | (15.1x) | |||
| $22M | ($32M) | 39.3x | 15.7x | (26.9x) | (39.5x) | |||
| - | ($135M) | - | - | (4.7x) | - | |||
| - | ($123M) | - | 505.5x | (7.9x) | - | |||
| $3M | ($151M) | 279.0x | 973.1x | (5.5x) | (4.8x) | |||
| $626M | $138M | 1.2x | 1.2x | 5.5x | 17.2x | |||
| - | ($104M) | - | - | (13.0x) | - | |||
This data is available for Pro users. Sign up to see all FORMA Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about FORMA Therapeutics
| When was FORMA Therapeutics founded? | FORMA Therapeutics was founded in 2007. |
| Where is FORMA Therapeutics headquartered? | FORMA Therapeutics is headquartered in Boston, MA, United States. |
| Is FORMA Therapeutics publicly listed? | No, FORMA Therapeutics was acquired by Novo Nordisk in September 2022. |
| Who acquired FORMA Therapeutics? | FORMA Therapeutics was acquired by Novo Nordisk in September 2022. |
| How much was FORMA Therapeutics acquired for? | FORMA Therapeutics was acquired for $1.1B in September 2022. |
| How much funding has FORMA Therapeutics raised? | FORMA Therapeutics has raised $100M across 1 funding round. |
| What was FORMA Therapeutics' last funding round? | FORMA Therapeutics' last funding round was a $100M Series D in December 2019, led by RA Capital Management. |
| Who are FORMA Therapeutics' investors? | FORMA Therapeutics' investors include Wellington Management, Janus Henderson, Baker Brothers Advisors LLC, RA Capital Management, Samsara BioCapital and Cormorant Asset Management. |
| Which companies are comparable to FORMA Therapeutics? | Companies comparable to FORMA Therapeutics include Philogen, CStone Pharmaceuticals, Ribolia, Letu, Jade Biosciences and Formation Bio. |
See companies similar to FORMA Therapeutics
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