Gracell Biotechnologies Acquisition, Valuation, Funding & Investors

Gracell Biotechnologies was acquired by AstraZeneca for $1.2B in February 2024, a 6.1x multiple on $197M of revenue.

Gracell Biotechnologies acquisition price

$1.2B

Acquired by AstraZeneca · Feb 2024

Gracell Biotechnologies revenue at acquisition

$197M

Last twelve months · Feb 2024

Gracell Biotechnologies revenue multiple at acquisition

6.1x

EV/Revenue · Feb 2024

Cumulative funding Gracell Biotechnologies raised

$185M

across 2 funding rounds

Gracell Biotechnologies Overview

About Gracell Biotechnologies

Gracell Biotechnologies is a Shanghai-headquartered clinical-stage biotech company developing CAR-T cell therapies for hematologic malignancies, solid tumors, and autoimmune diseases. Its pipeline includes GC012F for multiple myeloma and lupus, and GC019 for non-Hodgkin lymphoma; AstraZeneca acquired it in 2023.


Founded

2017

HQ

ChinaSuzhou

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$197M (Feb 2024)

Valuation

$1.2B (acquired Feb 2024)

Gracell Biotechnologies Acquisition

Gracell Biotechnologies was acquired by AstraZeneca for $1.2B on 22 February 2024.

The acquisition price implies a 6.1x revenue multiple on $197M of revenue.

Before the acquisition Gracell Biotechnologies had raised $185M across 2 funding rounds.

Gracell Biotechnologies acquisition details
AcquirerDateTypePriceEV/Revenue
22 Feb 2024Strategic M&A$1.2B6.1x

Gracell Biotechnologies Funding History

Gracell Biotechnologies has raised a total of $185M across 2 funding rounds.

Gracell Biotechnologies' first fundraising round was a $85M Series B in February 2019. The most recent completed round was a $100M Series C in October 2020.

Gracell Biotechnologies funding rounds

Gracell Biotechnologies funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2020Series CWellington Management (lead); Temasek; Morningside Venture Partners; King Star Capital; Vivo Capital; Lilly Asia Ventures; OrbiMed$100MGracell Biotechnologies is a Chinese clinical-stage biopharmaceutical company headquartered in Shanghai with GMP facilities in Suzhou, focused on developing innovative cell therapies using its proprietary FasTCAR and TruUCAR platforms to address challenges in CAR-T therapies for hematologic malignancies and solid tumors. The company completed a $100 million Series C financing round on October 28, 2020, co-led by Wellington Management, OrbiMed Healthcare Fund Management, and 5Y Capital (formerly Morningside Venture Capital), with participation from new investor Vivo Capital and existing backers Temasek, Lilly Asia Ventures, and King Star Capital. This followed a $85 million Series B in February 2019 from Temasek, LAV, King Star Capital, and others. Proceeds from the Series C were allocated to support research and development as well as advance Gracell's clinical-stage pipeline candidates, including its flagship TruUCAR allogeneic product GC027, which was in Phase 1 trials in China for relapsed or refractory T-cell acute lymphoblastic leukemia. Gracell aims to deliver safe and affordable immunotherapy solutions to broaden access to transformative CAR-T therapies. The company was founded in 2017 by Dr. William Wei Cao, who serves as chairman and CEO. Subsequent to year-end 2020, Gracell went public via an IPO of 11 million ADSs at $19 per ADS. The firm's lead asset GC012F, a FasTCAR-enabled dual-targeting BCMA/CD19 CAR-T for multiple myeloma, showed promising interim results presented at the 2020 ASH meeting.
Feb 2019Series BTemasek (lead); King Star Capital; Lilly Asia Ventures; Chengdu Miaoji Medical Technology; Kington Capital$85MGracell Biotechnologies, founded in 2017 by Dr. Wei (William) Cao in Suzhou and Shanghai, China, is an innovative biomedical company specializing in next-generation cellular drugs, particularly immune cell gene therapies like low-cost Chimeric Antigen Receptors T-cell (CAR-T) products. The company addresses challenges in the field such as complex manufacturing, high costs, lack of off-the-shelf products, and short efficacy duration. Prior to this round, Gracell received Series A financing from 6 Dimensions Capital. Dr. Cao previously co-founded and led a Nasdaq-listed cell therapy company, Cellular Biomedicine Group. On February 25, 2019, Gracell completed its $85 million Series B funding round, led by Temasek Holdings, with participation from Lilly Asia Ventures, Kington Capital, King Star Capital, and Chengdu Miaoji Medical Technology. Proceeds were allocated to initiate clinical trials for several next-generation immune cell gene therapy candidates, following completion of pre-clinical development and entry into Institutional Review Board (IRB) studies for CAR-T products. Gracell positioned itself to develop high-quality, low-cost, easy-to-use cellular gene therapies for cancer patients, aiming to advance products to Investigational New Drug (IND) filings. The company highlighted its leading technology platform and mission-driven team amid the nascent immune cell gene therapy industry. Temasek's involvement aligned with its life sciences portfolio, including other 2019 investments like Orchard Therapeutics in gene therapy.

Who has invested in Gracell Biotechnologies?

9 investors have backed Gracell Biotechnologies across its funding rounds, including Temasek, Lilly Asia Ventures, King Star Capital, OrbiMed, Wellington Management and Vivo Capital.

Lead investors include Wellington Management and Temasek.


Gracell Biotechnologies Investors

Investors in Gracell Biotechnologies by funding rounds participated
InvestorHQRoundsRoleFirst check
TemasekSingaporeSingapore2LeadFeb 2019
King Star CapitalChinaNanjing2ParticipantFeb 2019
Lilly Asia VenturesChinaShanghai2ParticipantFeb 2019
Wellington ManagementUnited StatesBoston, MA1LeadOct 2020
Morningside Venture PartnersUnited StatesNew York City, NY1ParticipantOct 2020
Vivo CapitalUnited StatesUnited States1ParticipantOct 2020
OrbiMedUnited StatesNew York City, NY1ParticipantOct 2020

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Gracell Biotechnologies Competitors

Gracell Biotechnologies competitors include listed companies like TOWA Pharmaceutical, OPKO Health, Uniphar and Replimune Group, and private ones like Abcuro and FibroGen.

Public and private companies comparable to Gracell Biotechnologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AbcuroUnited StatesUnited StatesPrivate--$1.2B-
TOWA PharmaceuticalJapanJapanPublicly listed$1.8B$244M$1.2B1.3x
OPKO HealthUnited StatesUnited StatesPublicly listed$607M($56M)$1.2B2.3x
UnipharIrelandIrelandPublicly listed$3.5B$136M$1.2B0.5x
Replimune GroupUnited StatesUnited StatesPublicly listed-($302M)$1.2B59.4x
FibroGenUnited StatesSan Francisco, CAPrivate$108M-$1.2B11.3x

Gracell Biotechnologies Public Comps

Gracell Biotechnologies is no longer listed, but its public comps include TOWA Pharmaceutical, OPKO Health, Uniphar, Replimune Group, Alto Neuroscience, Everest Medicines, Akums Drugs and Pharma, Chongqing Genrix, Apnimed and Seaport Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TOWA Pharmaceutical$1.8B$244M1.4x1.3x9.9x7.8x
OPKO Health$607M($56M)2.2x2.3x(23.3x)(11.2x)
Uniphar$3.5B$136M0.5x0.5x12.5x10.4x
Replimune Group-($302M)-59.4x(3.7x)(3.9x)
Alto Neuroscience-($67M)--(14.9x)(9.7x)
Everest Medicines$254M($72M)4.6x2.9x(16.3x)22.3x
Akums Drugs and Pharma$443M$54M2.4x2.2x19.9x16.6x
Chongqing Genrix$34M($70M)32.6x33.1x(16.0x)-

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Common questions about Gracell Biotechnologies

When was Gracell Biotechnologies founded?Gracell Biotechnologies was founded in 2017.
Where is Gracell Biotechnologies headquartered?Gracell Biotechnologies is headquartered in Suzhou, China.
Is Gracell Biotechnologies publicly listed?No, Gracell Biotechnologies was acquired by AstraZeneca in February 2024.
Who acquired Gracell Biotechnologies?Gracell Biotechnologies was acquired by AstraZeneca in February 2024.
How much was Gracell Biotechnologies acquired for?Gracell Biotechnologies was acquired for $1.2B in February 2024, a 6.1x revenue multiple.
How much funding has Gracell Biotechnologies raised?Gracell Biotechnologies has raised $185M across 2 funding rounds.
What was Gracell Biotechnologies' last funding round?Gracell Biotechnologies' last funding round was a $100M Series C in October 2020, led by Wellington Management.
Who are Gracell Biotechnologies' investors?Gracell Biotechnologies' investors include Temasek, King Star Capital, Lilly Asia Ventures, Wellington Management, Morningside Venture Partners, Vivo Capital, OrbiMed, Chengdu Miaoji Medical Technology and Kington Capital.
Which companies are comparable to Gracell Biotechnologies?Companies comparable to Gracell Biotechnologies include Abcuro, TOWA Pharmaceutical, OPKO Health, Uniphar, Replimune Group and FibroGen.

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