FORMA Therapeutics Acquisition, Valuation, Funding & Investors

FORMA Therapeutics was acquired by Novo Nordisk for $1.1B in September 2022.

FORMA Therapeutics acquisition price

$1.1B

Acquired by Novo Nordisk · Sep 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

FORMA Therapeutics Overview

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

United StatesBoston, MA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales, Licensing

Valuation

$1.1B (acquired Sep 2022)

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.

FORMA Therapeutics acquisition details
AcquirerDateTypePrice
1 Sep 2022Strategic M&A$1.1B

FORMA Therapeutics Funding History

FORMA Therapeutics has raised a total of $100M across 1 funding round.

FORMA Therapeutics funding rounds

FORMA Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2019Series DRA Capital Management (lead); Wellington Management; Janus Henderson; Baker Brothers Advisors LLC; Samsara BioCapital; Cormorant Asset Management$100MFORMA 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

Investors in FORMA Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
Wellington ManagementUnited StatesBoston, MA1ParticipantDec 2019
Janus HendersonUnited StatesLondon1ParticipantDec 2019
Baker Brothers Advisors LLCUnited StatesNew York City, NY1ParticipantDec 2019
RA Capital ManagementUnited StatesBoston, MA1LeadDec 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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FORMA Therapeutics Competitors

FORMA Therapeutics 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 FORMA Therapeutics
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-

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 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 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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