Harpoon Therapeutics Acquisition, Valuation, Funding & Investors

Harpoon Therapeutics was acquired by Merck for $680M in January 2024, a 18.2x multiple on $37M of revenue.

Harpoon Therapeutics acquisition price

$680M

Acquired by Merck · Jan 2024

Harpoon Therapeutics revenue at acquisition

$37M

Last twelve months · Jan 2024

Harpoon Therapeutics revenue multiple at acquisition

18.2x

EV/Revenue · Jan 2024

Cumulative funding Harpoon Therapeutics raised

$130M

across 3 funding rounds

Harpoon Therapeutics Overview

About Harpoon Therapeutics

Harpoon Therapeutics is a clinical-stage biopharmaceutical company engineering TriTAC tri-specific T cell activators to direct patient T cells against cancer antigens in solid tumors and hematologic malignancies. The proprietary platform supports a pipeline of immunotherapies, with lead candidate HPN424 advancing in Phase 1 trials for prostate cancer.


Founded

2015

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$37M (Jan 2024)

Valuation

$680M (acquired Jan 2024)

Harpoon Therapeutics Acquisition

Harpoon Therapeutics was acquired by Merck for $680M on 8 January 2024.

The acquisition price implies a 18.2x revenue multiple on $37M of revenue.

Before the acquisition Harpoon Therapeutics had raised $130M across 3 funding rounds.

Harpoon Therapeutics acquisition details
AcquirerDateTypePriceEV/Revenue
8 Jan 2024Strategic M&A$680M18.2x

Harpoon Therapeutics Funding History

Harpoon Therapeutics has raised a total of $130M across 3 funding rounds.

Harpoon Therapeutics' first fundraising round was a $15M Series A in April 2016. The most recent completed round was a $70M Series C in November 2018.

Harpoon Therapeutics funding rounds

Harpoon Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2018Series CNew Leaf Venture Partners (lead); OrbiMed (lead); Taiho Ventures; oncology impact fund; UBS Asset Management; MPM Capital; Lilly Asia Ventures; Ridgeback Capital; Arix Bioscience; NS Investment$70MHarpoon Therapeutics is a clinical-stage immunotherapy company developing a novel class of T-cell engagers designed to harness the immune system to fight cancer. The company's primary technology platforms are TriTAC (Tri-specific T-cell Activating Construct) and ProTriTAC (Protease-activated Tri-specific T-cell Activating Construct), which target solid tumors and blood cancers. In November 2018, Harpoon closed a $70 million Series C financing round led by OrbiMed, with participation from new investors Cormorant, Ridgeback Capital Investments, Lilly Asia Ventures, and NS Investment, as well as existing investors MPM Capital, Oncology Impact Fund, Arix Bioscience, New Leaf Venture Partners, and Taiho Ventures. At the time of the Series C, Harpoon's lead product candidate HPN424 was in Phase I trials for metastatic castration-resistant prostate cancer, with plans to advance additional candidates including HPN536 for mesothelin-expressing tumors and HPN217 for multiple myeloma. The company had also entered into a partnership with AbbVie in October 2017 that included $17 million upfront and up to $600 million in milestone payments, which generated $0.5 million in revenue for the year ended December 31, 2018. Following the Series C funding, Harpoon filed confidentially for an IPO in late October 2018 and went public shortly after with an $86.25 million offering on the Nasdaq under the ticker symbol HARP.
May 2017Series BArix Bioscience (lead); MPM Capital (lead); New Leaf Venture Partners (lead); Taiho Ventures; UBS Asset Management$45MHarpoon Therapeutics, a South San Francisco-based clinical-stage biotech founded in 2015, raised $45 million in its Series B financing on May 25, 2017, co-led by Arix Bioscience and New Leaf Venture Partners, with participation from MPM Capital and Taiho Ventures. The round followed a $15 million Series A in April 2016 and aimed to advance the company's proprietary TriTAC platform of tri-specific T-cell activating constructs for immuno-oncology, particularly to initiate phase 1 trials for lead candidate HPN424 targeting prostate-specific membrane antigen in metastatic prostate cancer, expand the pipeline, and pursue partnerships. New board members included Mark Chin from Arix and Ron Hunt from New Leaf, with Sakae Asanuma from Taiho as an observer. Gerald McMahon served as president and CEO at the time, succeeding interim CEO Patrick Baeuerle, who remained on the board. The TriTAC platform is designed to direct patients' T-cells to kill tumor cells selectively, positioning Harpoon to develop best-in-class T-cell engagers in oncology. Investors highlighted the platform's novelty and the team's expertise, with the financing enabling transition to clinical-stage development and further research efforts. MPM Capital, an existing investor from inception, continued support alongside new top-tier backers like recently IPO'd Arix Bioscience. Harpoon later went public and in January 2024 was acquired by Merck for approximately $680 million equity value at $23 per share, reflecting pipeline progress including HPN328 for small cell lung cancer and neuroendocrine tumors, and HPN217 for multiple myeloma.
Apr 2016Series AMPM Capital (lead); UBS Asset Management$15M-

Who has invested in Harpoon Therapeutics?

10 investors have backed Harpoon Therapeutics across its funding rounds, including MPM Capital, UBS Asset Management, New Leaf Venture Partners, Taiho Ventures, Arix Bioscience and OrbiMed.

Lead investors include New Leaf Venture Partners, OrbiMed, Arix Bioscience and MPM Capital.


Harpoon Therapeutics Investors

Investors in Harpoon Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
UBS Asset ManagementUnited KingdomLondon3ParticipantApr 2016
MPM CapitalUnited StatesBoston, MA3LeadApr 2016
Taiho VenturesUnited StatesCalifornia City, CA2ParticipantMay 2017
New Leaf Venture PartnersUnited StatesNew York City, NY2LeadMay 2017
Arix BioscienceUnited KingdomLondon2LeadMay 2017
oncology impact fundUnited StatesUnited States1ParticipantNov 2018
Lilly Asia VenturesChinaShanghai1ParticipantNov 2018
OrbiMedUnited StatesNew York City, NY1LeadNov 2018

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Harpoon Therapeutics Competitors

Harpoon Therapeutics competitors include listed companies like Verastem, MiMedx Group, Aura Biosciences and Senores Pharmaceuticals, and private ones like Shenzhen Luye and Angiocrine Bioscience.

Public and private companies comparable to Harpoon Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VerastemUnited StatesUnited StatesPublicly listed$31M($212M)$684M6.8x
MiMedx GroupUnited StatesUnited StatesPublicly listed$419M$78M$684M1.8x
Aura BiosciencesUnited StatesUnited StatesPublicly listed-($112M)$684M-
Senores PharmaceuticalsIndiaIndiaPublicly listed$64M$21M$673M8.8x
Shenzhen LuyeChinaShenzhenPrivate--$667M-
Angiocrine BioscienceUnited StatesNew York City, NYPrivate--$697M-

Harpoon Therapeutics Public Comps

Harpoon Therapeutics is no longer listed, but its public comps include Verastem, MiMedx Group, Aura Biosciences, Senores Pharmaceuticals, Monopar Therapeutics, Oneness Biotech, Genfit, SK Chemicals, Sagimet Biosciences and Nuvectis Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Verastem$31M($212M)20.4x6.8x(3.0x)-
MiMedx Group$419M$78M1.4x1.8x7.2x21.0x
Aura Biosciences-($112M)--(3.4x)-
Senores Pharmaceuticals$64M$21M10.9x8.8x33.3x30.6x
Monopar Therapeutics-($17M)--(33.1x)(16.3x)
Oneness Biotech$4M($29M)127.4x138.1x(17.7x)(30.0x)
Genfit$75M($98M)9.9x7.9x(7.7x)52.1x
SK Chemicals$1.7B$168M1.0x0.9x10.5x10.0x

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Common questions about Harpoon Therapeutics

When was Harpoon Therapeutics founded?Harpoon Therapeutics was founded in 2015.
Where is Harpoon Therapeutics headquartered?Harpoon Therapeutics is headquartered in San Francisco, CA, United States.
Is Harpoon Therapeutics publicly listed?No, Harpoon Therapeutics was acquired by Merck in January 2024.
Who acquired Harpoon Therapeutics?Harpoon Therapeutics was acquired by Merck in January 2024.
How much was Harpoon Therapeutics acquired for?Harpoon Therapeutics was acquired for $680M in January 2024, a 18.2x revenue multiple.
How much funding has Harpoon Therapeutics raised?Harpoon Therapeutics has raised $130M across 3 funding rounds.
What was Harpoon Therapeutics' last funding round?Harpoon Therapeutics' last funding round was a $70M Series C in November 2018, led by New Leaf Venture Partners and OrbiMed.
Who are Harpoon Therapeutics' investors?Harpoon Therapeutics' investors include UBS Asset Management, MPM Capital, Taiho Ventures, New Leaf Venture Partners, Arix Bioscience, oncology impact fund, Lilly Asia Ventures, OrbiMed, Ridgeback Capital and NS Investment.
Which companies are comparable to Harpoon Therapeutics?Companies comparable to Harpoon Therapeutics include Verastem, MiMedx Group, Aura Biosciences, Senores Pharmaceuticals, Shenzhen Luye and Angiocrine Bioscience.

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