Icosavax Acquisition, Valuation, Funding & Investors
Icosavax was acquired by AstraZeneca for $1.1B in December 2023.
Cumulative funding Icosavax raised
$151M
across 2 funding rounds
Key investors in Icosavax
Adams Street Partners
Sanofi Ventures
+ND Capital
Qiming Venture Partners USA
RA Capital Management
Cormorant Asset Management
Perceptive Advisors
Viking Global Investors
About Icosavax
Icosavax is a Seattle-based biopharmaceutical company developing vaccines using virus-like particle technology for respiratory diseases. Formed in 2017 from University of Washington research, its pipeline targets RSV, hMPV, and SARS-CoV-2 with multivalent antigens for broad immunity. Icosavax advanced candidates to Phase 2 trials and was acquired by AstraZeneca in 2023.
Founded
2017
HQ
Seattle, WAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$1.1B (acquired Dec 2023)
Sectors
Icosavax Acquisition
Icosavax was acquired by AstraZeneca for $1.1B on 12 December 2023.
Before the acquisition Icosavax had raised $151M across 2 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 12 Dec 2023 | Strategic M&A | $1.1B |
Icosavax Funding History
Icosavax has raised a total of $151M across 2 funding rounds.
Icosavax's first fundraising round was a $51M Series A in October 2019. The most recent completed round was a $100M Series B in April 2021.
Icosavax funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2021 | Series B | RA Capital Management (lead); Adams Street Partners; Open Philanthropy; +ND Capital; Janus Henderson; Omega Funds; Qiming Venture Partners USA; Viking Global Investors; Sanofi Ventures; Cormorant Asset Management; Surveyor Capital; Perceptive Advisors | $100M | Icosavax, a Seattle-based biotech company founded in 2017, develops computationally designed virus-like particle (VLP) vaccines targeting respiratory viruses such as RSV, hMPV, and COVID-19, leveraging technology from the University of Washington’s Institute for Protein Design to address manufacturing challenges and provide durable protection for at-risk populations like the elderly. In April 2021, Icosavax closed a $100 million Series B financing round led by RA Capital Management, with participation from Janus Henderson Investors, Perceptive Advisors, Viking Global Investors, Cormorant Asset Management, Omega Funds, Surveyor Capital, and existing investors including Qiming Venture Partners USA, Adams Street Partners, Sanofi Ventures, ND Capital, and a prior commitment from Open Philanthropy. Peter Kolchinsky, founder and managing partner of RA Capital, joined the board. This followed a $51 million Series A approximately 18 months earlier. The proceeds fund advancement of the bivalent RSV/hMPV vaccine candidate IVX-A12 into initial clinical studies, the RSV vaccine IVX-121 (incorporating NIH-licensed stabilized prefusion F antigen DS-Cav1, which showed strong neutralizing antibodies in a prior Phase 1 by NIAID/NIH) into the clinic, evaluation of a COVID-19 vaccine candidate, and pipeline expansion. No approved vaccines existed for RSV or hMPV at the time, highlighting significant unmet needs in pneumonia prevention for older adults. Icosavax planned an IPO, filing confidentially in May 2021 and publicly in July 2021 to raise up to $100 million under symbol ICVX, with bookrunners Jefferies, Cowen, Evercore ISI, and William Blair. The company had also received a $10 million grant from the Bill & Melinda Gates Foundation for its COVID-19 program. |
| Oct 2019 | Series A | Qiming Venture Partners USA (lead); Adams Street Partners; +ND Capital; Sanofi Ventures | $51M | Qiming Venture Partners USA led a $51 million Series A financing in Icosavax in October 2019, with participation from Adams Street Partners, Sanofi Ventures and ND Capital (then NanoDimension), alongside existing seed investors. Icosavax launched publicly with the round after seed funding from philanthropic supporters, which had allowed the team to be assembled and the research to be translated. Adam Simpson was named chief executive. The proceeds were earmarked to advance the lead RSV vaccine candidate IVX-121 into a Phase 1b study in older adults and to extend the platform to other viruses where vaccine efficacy and manufacturing remain unmet needs. Board seats went to representatives of Adams Street, Sanofi Ventures and ND Capital. Icosavax is a Seattle-based vaccine developer founded in 2017 and spun out of the University of Washington's Institute for Protein Design. It uses computationally designed, self-assembling virus-like particles to build vaccines against respiratory viruses such as respiratory syncytial virus. The same investors returned for a $100 million Series B led by RA Capital in April 2021, and the company listed on Nasdaq later in 2021. |
Who has invested in Icosavax?
12 investors have backed Icosavax across its funding rounds, including Adams Street Partners, Sanofi Ventures, +ND Capital, Qiming Venture Partners USA, RA Capital Management and Cormorant Asset Management.
Lead investors include RA Capital Management and Qiming Venture Partners USA.
Icosavax Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Chicago, IL | 2 | Participant | Oct 2019 | |
| San Francisco, CA | 2 | Participant | Oct 2019 | |
| United States | 2 | Lead | Oct 2019 | |
| United States | 2 | Participant | Oct 2019 | |
| San Francisco, CA | 1 | Participant | Apr 2021 | |
| London | 1 | Participant | Apr 2021 | |
| Boston, MA | 1 | Participant | Apr 2021 | |
| Boston, MA | 1 | Lead | Apr 2021 | |
| Stamford, CT | 1 | Participant | Apr 2021 | |
| Boston, MA | 1 | Participant | Apr 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialIcosavax Competitors
Icosavax competitors include listed companies like BeBetter Med, Bio-Thera Solutions, Freenome and Chengdu Easton, and private ones like Letu and Formation Bio.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | - | ($21M) | $1.1B | - | |
| China | Publicly listed | $140M | ($32M) | $1.1B | - | |
| United States | Publicly listed | $30M | ($199M) | $1.1B | - | |
| China | Publicly listed | $200M | $57M | $1.1B | 4.2x | |
| Shenzhen | Private | - | - | $1.1B | - | |
| New York City, NY | Private | - | - | $1B | - |
Icosavax Public Comps
Icosavax is no longer listed, but its public comps include BeBetter Med, Bio-Thera Solutions, Freenome, Chengdu Easton, Jiangxi Fushine Pharma, CStone Pharmaceuticals, Blue Jet Healthcare, Janux Therapeutics, Basilea Pharmaceutica and Viyash Scientific.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($21M) | - | - | (41.1x) | - | |||
| $140M | ($32M) | 8.6x | - | (38.0x) | - | |||
| $30M | ($199M) | 83.9x | - | (12.8x) | - | |||
| $200M | $57M | 4.4x | 4.2x | 15.5x | 14.5x | |||
| $178M | $24M | 7.0x | 4.0x | 51.2x | 10.0x | |||
| $40M | ($57M) | 22.5x | 15.2x | (16.1x) | (15.0x) | |||
| $100M | $38M | 10.1x | 8.7x | 26.9x | 27.5x | |||
| $10M | ($156M) | 15.3x | 6.2x | (1.0x) | (1.1x) | |||
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Common questions about Icosavax
| When was Icosavax founded? | Icosavax was founded in 2017. |
| Where is Icosavax headquartered? | Icosavax is headquartered in Seattle, WA, United States. |
| Is Icosavax publicly listed? | No, Icosavax was acquired by AstraZeneca in December 2023. |
| Who acquired Icosavax? | Icosavax was acquired by AstraZeneca in December 2023. |
| How much was Icosavax acquired for? | Icosavax was acquired for $1.1B in December 2023. |
| How much funding has Icosavax raised? | Icosavax has raised $151M across 2 funding rounds. |
| What was Icosavax's last funding round? | Icosavax's last funding round was a $100M Series B in April 2021, led by RA Capital Management. |
| Who are Icosavax's investors? | Icosavax's investors include Adams Street Partners, +ND Capital, Qiming Venture Partners USA, Sanofi Ventures, Open Philanthropy, Janus Henderson, Omega Funds, RA Capital Management, Viking Global Investors, Cormorant Asset Management and 2 others. |
| Which companies are comparable to Icosavax? | Companies comparable to Icosavax include BeBetter Med, Bio-Thera Solutions, Freenome, Chengdu Easton, Letu and Formation Bio. |
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