- Companies
- HI-Bio
HI-Bio Acquisition, Valuation, Funding & Investors
HI-Bio was acquired by Biogen for $1.8B in May 2024.
Cumulative funding HI-Bio raised
$215M
across 2 funding rounds
Key investors in HI-Bio
ARCH Venture Partners
Jeito Capital
Viking Global Investors
Alpha Wave Global
Arkin Holdings
Monograph Capital
MorphoSys
About HI-Bio
Human Immunology Biosciences is a South San Francisco-based biotechnology company developing targeted immunotherapies for immune-mediated inflammatory diseases, with its lead candidate felzartamab advancing in clinical trials for conditions like membranous nephropathy and immunoglobulin A nephropathy.
Founded
2021
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$1.8B (acquired May 2024)
Sectors
HI-Bio Acquisition
HI-Bio was acquired by Biogen for $1.8B on 22 May 2024.
Before the acquisition HI-Bio had raised $215M across 2 funding rounds.
Biogen acquired Human Immunology Biosciences (HI-Bio), a San Francisco-based clinical-stage biotech company, for $1.15 billion upfront with up to $650 million in potential milestone payments, for a total deal value of up to $1.8 billion. HI-Bio focused on targeted therapies for severe immune-mediated diseases, with its lead asset being felzartamab, a fully human anti-CD38 monoclonal antibody in late-stage development for multiple renal diseases including IgA nephropathy (IgAN), primary membranous nephropathy (PMN), and antibody-mediated rejection (AMR) in kidney transplant recipients. The drug had completed Phase 2 studies and demonstrated impact on key biomarkers and clinical endpoints. Biogen also acquired a Phase 1 anti-C5aR1 antibody for complement-mediated diseases as part of the transaction. The acquisition was announced in May 2024 and closed in the third quarter of 2024, representing Biogen's strategic expansion into immunology and rare immune diseases. Biogen retained HI-Bio's expertise and talent, establishing a dedicated team in the San Francisco Bay Area to advance felzartamab through Phase 3 trials across multiple indications and leverage the molecule's potential to address other immune-mediated diseases such as lupus. The deal was part of Biogen's broader therapy diversification strategy as the company faced competitive pressures in neurology from competitors like Eli Lilly advancing Alzheimer's therapies.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 22 May 2024 | Strategic M&A | $1.8B |
HI-Bio Funding History
HI-Bio has raised a total of $215M across 2 funding rounds.
HI-Bio's first fundraising round was a $120M Series A in November 2022. The most recent completed round was a $95M Series B in January 2024.
HI-Bio funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2024 | Series B | Alpha Wave Global (lead); Arkin Holdings; Jeito Capital; Viking Global Investors; ARCH Venture Partners | $95M | Human Immunology Biosciences (HI-Bio), a clinical-stage biotechnology company, develops targeted therapies for patients with severe immune-mediated diseases, with its lead candidate felzartamab targeting CD38 for conditions like antibody-mediated rejection in kidney transplant patients. In January 2024, HI-Bio closed a $95 million Series B financing round led by Alpha Wave Global, with participation from Viking Global Investors, Arkin Bio Capital, Jeito Capital, and ARCH Venture Partners. The funds support advancing felzartamab through clinical readouts in multiple indications, evaluating HIB210 in healthy volunteers, and progressing a discovery-stage program for mast cell dysfunction toward IND-enabling studies. The financing enables preparation for registrational studies amid promising early clinical data for felzartamab. Chris Dimitropoulos from Alpha Wave Global joined the board. Subsequently, in May 2024, Biogen agreed to acquire HI-Bio for $1.15 billion upfront plus up to $650 million in milestones, totaling up to $1.8 billion, contingent on felzartamab program achievements; the deal was expected to close in Q3 2024. Jeito Capital, an investor in HI-Bio's prior $120 million Series A in 2022 and the Series B, highlighted the exit as validation of its strategy. This acquisition represents a major development post-Series B, supporting HI-Bio's therapies reaching patients. |
| Nov 2022 | Series A | ARCH Venture Partners (lead); Jeito Capital (lead); Monograph Capital (lead); MorphoSys | $120M | Human Immunology Biosciences (HI-Bio), a clinical-stage biotechnology company focused on developing precision therapies for patients with severe immune-mediated diseases (IMDs), launched in November 2022 with $120 million in Series A financing. The company was incubated by ARCH Venture Partners and Monograph Capital, joined by Jeito Capital and other unnamed institutional investors and family offices. HI-Bio in-licensed two clinical-stage assets from MorphoSys in June 2022: felzartamab, an anti-CD38 antibody in Phase IIa for rare kidney diseases like primary membranous nephropathy, and HIB210, an anti-C5aR1 antibody in Phase I. MorphoSys received a 15% equity stake in HI-Bio, plus milestone payments and royalties. HI-Bio's approach leverages a translational toolkit incorporating human genetics, immunophenotyping, data sciences, and therapeutic engineering to target cellular drivers of IMDs, addressing a patient population affecting up to 4% of the world's people with an estimated $150 billion unmet need by 2025. The financing supports advancement through multiple clinical catalysts, including Phase II readouts for felzartamab and safety/pharmacodynamics data from HIB210's ongoing trial. HI-Bio later raised a $95 million Series B in January 2024 with investors including Alpha Wave Global, ARCH Venture Partners, Arkin Bio Capital, Monograph Capital, and Viking Global Investors. In May 2024, Biogen agreed to acquire HI-Bio for $1.15 billion upfront plus up to $650 million in milestones tied to felzartamab programs, totaling up to $1.8 billion. |
Who has invested in HI-Bio?
7 investors have backed HI-Bio across its funding rounds, including ARCH Venture Partners, Jeito Capital, Viking Global Investors, Alpha Wave Global, Arkin Holdings and Monograph Capital.
Lead investors include Alpha Wave Global, ARCH Venture Partners, Jeito Capital and Monograph Capital.
HI-Bio Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Nov 2022 | ||
| 2 | Lead | Nov 2022 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Lead | Nov 2022 | ||
| 1 | Participant | Jan 2024 | ||
This data is available for Pro users. Sign up to see all 7 HI-Bio investors. Start Free Trial | ||||
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 TrialHI-Bio Competitors
HI-Bio competitors include listed companies like Nanjing King-Friend, Jafron Biomedical, Hanall Biopharma and Hugel, and private ones like Retro Biosciences and Rakuten Medical.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.8B | - | ||
| Publicly listed | $595M | $146M | $1.8B | 2.7x | ||
| Publicly listed | $300M | $123M | $1.8B | 5.2x | ||
| Publicly listed | $113M | ($2M) | $1.8B | 15.1x | ||
| Publicly listed | $309M | $149M | $1.8B | 4.0x | ||
| Private | - | - | $1.7B | - |
HI-Bio Public Comps
HI-Bio is no longer listed, but its public comps include Nanjing King-Friend, Jafron Biomedical, Hanall Biopharma, Hugel, Xencor, Nanobiotix, Septerna, Cohance Lifesciences, Jiangxi Fushine Pharma and Vir Biotechnology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $595M | $146M | 2.8x | 2.7x | 11.4x | 12.1x | |||
| $300M | $123M | 5.4x | 5.2x | 13.2x | 11.2x | |||
| $113M | ($2M) | 15.9x | 15.1x | (899.3x) | 417.5x | |||
| $309M | $149M | 4.6x | 4.0x | 9.5x | 8.6x | |||
| $126M | ($75M) | 12.3x | 11.2x | (20.6x) | (7.4x) | |||
| $34M | ($15M) | 52.9x | 63.4x | (121.3x) | (97.5x) | |||
| $46M | ($67M) | 32.5x | 18.3x | (22.3x) | (20.9x) | |||
| $230M | $44M | 7.7x | 7.4x | 40.0x | 39.1x | |||
This data is available for Pro users. Sign up to see all HI-Bio competitors and their valuation data. Start Free Trial | ||||||||
Common questions about HI-Bio
| When was HI-Bio founded? | HI-Bio was founded in 2021. |
| Where is HI-Bio headquartered? | HI-Bio is headquartered in San Francisco, CA, United States. |
| Is HI-Bio publicly listed? | No, HI-Bio was acquired by Biogen in May 2024. |
| Who acquired HI-Bio? | HI-Bio was acquired by Biogen in May 2024. |
| How much was HI-Bio acquired for? | HI-Bio was acquired for $1.8B in May 2024. |
| How much funding has HI-Bio raised? | HI-Bio has raised $215M across 2 funding rounds. |
| What was HI-Bio's last funding round? | HI-Bio's last funding round was a $95M Series B in January 2024, led by Alpha Wave Global. |
| Who are HI-Bio's investors? | HI-Bio's investors include Jeito Capital, ARCH Venture Partners, MorphoSys, Monograph Capital, Arkin Holdings, Alpha Wave Global and Viking Global Investors. |
| Which companies are comparable to HI-Bio? | Companies comparable to HI-Bio include Retro Biosciences, Nanjing King-Friend, Jafron Biomedical, Hanall Biopharma, Hugel and Rakuten Medical. |
See companies similar to HI-Bio
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




