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- Idrx
Idrx Acquisition, Valuation, Funding & Investors
Idrx was acquired by GSK for $1.1B in January 2025.
Cumulative funding Idrx raised
$242M
across 2 funding rounds
Key investors in Idrx
Andreessen Horowitz
Casdin Capital
Nextech Invest
Forge Life Science Partners
Blackstone
RA Capital Management
Merck KGaA
Commodore Capital
About Idrx
Idrx is a Shanghai-based clinical-stage biopharmaceutical company focused on precision oncology therapies for gastrointestinal stromal tumors. It engineers drug combinations targeting tumor escape mechanisms to extend treatment responses. The pipeline includes KIT-mutant inhibitors in Phase 1/2 trials, addressing unmet needs in resistant patient populations worldwide.
Founded
2022
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$415M (Aug 2024)
Sectors
Idrx Acquisition
Idrx was acquired by GSK for $1.1B on 13 January 2025.
Before the acquisition Idrx had raised $242M across 2 funding rounds.
IDRx, a Boston-based clinical-stage biopharmaceutical company, develops precision therapies for cancer, focusing on highly potent and selective targeted therapies to address tumor escape mechanisms. Its lead asset, IDRX-42, is a highly selective KIT tyrosine kinase inhibitor (TKI) designed for first- and second-line treatment of gastrointestinal stromal tumors (GIST), targeting all key primary and secondary KIT mutations driving tumor growth, with potential for improved tolerability over existing therapies. GlaxoSmithKline (GSK), a global biopharma company, agreed to acquire 100% of IDRx's equity for $1 billion upfront plus up to $150 million in regulatory approval milestones, totaling $1.15 billion, with GSK also assuming milestone payments and tiered royalties owed to Merck KGaA. The acquisition bolsters GSK's oncology portfolio in gastrointestinal cancers, addressing unmet needs in GIST where no approved second-line treatments effectively cover all resistance mutations. Announced in January 2025, the deal received FDA fast-track designation for IDRX-42 and closed later that year after Hart-Scott-Rodino antitrust clearance. GSK aims to accelerate global development leveraging its clinical and commercial capabilities, targeting approximately 5,000 U.S. GIST patients and 50,000 annual global cases, amid rising biopharma M&A activity.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 13 Jan 2025 | Strategic M&A | $1.1B |
Idrx Valuation
Idrx is currently valued at $415M, based on its Series B in August 2024.
The $120M round was led by Blackstone, Commodore Capital and RA Capital Management, with participation from Merck KGaA, Nextech Invest, Forge Life Science Partners, Casdin Capital, Andreessen Horowitz and 1 other investor.
Idrx's valuation has grown 1.7x from $244M at its Series A in August 2022 to $415M in August 2024, across 2 priced rounds.
Idrx valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2024 | Series B | $415M |
| Aug 2022 | Series A | $244M |
Idrx Funding History
Idrx has raised a total of $242M across 2 funding rounds.
Idrx's first fundraising round was a $122M Series A in August 2022. The most recent completed round was a $120M Series B in August 2024.
Idrx funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2024 | Series B | Blackstone (lead); Commodore Capital (lead); RA Capital Management (lead); Merck KGaA; Nextech Invest; Forge Life Science Partners; Casdin Capital; Andreessen Horowitz; Nick Lydon | $120M | $415M | IDRx is a clinical-stage biopharmaceutical company founded in 2021 and headquartered in Plymouth, Massachusetts, dedicated to developing precision cancer therapies. The company focuses on small molecule tyrosine kinase inhibitors targeting gastrointestinal stromal tumors (GIST), with lead candidates IDRX-42 and IDRX-73 designed to address drug-resistant mutations and treatment limitations in precision oncology. IDRx has a strategic partnership with Merck KGaA and counts co-founders Alexis Borisy, Ben Auspitz, George Demetri MD, Nicholas Lydon Ph.D, and Robert Forrester among its leadership. In August 2024, IDRx completed a Series B financing round raising $120 million in preferred stock at a post-money valuation of $414.65 million. The round was led by RA Capital Management, Commodore Capital, and Blackstone Multi-Asset Investing, with participation from new investors including Rock Springs Capital and an unnamed U.S.-based healthcare-focused fund. Existing investors participating included Andreessen Horowitz (a16z) Bio + Health, Casdin Capital, Nextech Invest Ltd., Forge Life Science Partners, co-founder Nick Lydon, Ph.D., and strategic partner Merck KGaA. The capital raised will support the ongoing Phase 1/1b StrateGIST 1 study and fund the expected initiation of the first pivotal study of IDRX-42 in second-line GIST treatment in 2025. IDRX-42 received Fast Track designation from the U.S. FDA, accelerating its development pathway. Derek DiRocco, Ph.D., a partner at RA Capital Management, joined the IDRx board following the financing. IDRx had previously raised $122 million in Series A funding in 2022 from Andreessen Horowitz and Casdin Capital upon emerging from stealth. With the Series B round, the company's total funding reached approximately $242 million. As a clinical-stage biopharmaceutical company, IDRx has not disclosed revenue figures. |
| Aug 2022 | Series A | Andreessen Horowitz (lead); Casdin Capital (lead); Nextech Invest; Forge Life Science Partners | $122M | $244M | IDRx, a clinical-stage biopharmaceutical company based in Plymouth, Massachusetts, launched in August 2022 with a $122 million oversubscribed Series A financing to develop purpose-built precision combination therapies for cancer, initially targeting gastrointestinal stromal tumor (GIST). The company focuses on small molecule tyrosine kinase inhibitors IDRX-42 (licensed from Merck KGaA) and IDRX-73 (licensed from Blueprint Medicines) to inhibit key genetic drivers and resistance mutations in non-PDGFR-driven GIST, a rare sarcoma of the GI tract. IDRX-42 has initiated a phase 1 first-in-human study and received FDA Orphan Drug designation, while IDRX-73 is advancing toward the clinic. The Series A round was co-led by Andreessen Horowitz (a16z) and Casdin Capital, with participation from Nextech Invest, Forge Life Science Partners, and other undisclosed investors. Funds are intended to support the development of these combination therapies, with plans to test IDRX-42 and IDRX-73 separately before combining them, and potential expansion to additional drugs and cancer indications. Co-founder and CEO Ben Auspitz emphasized addressing unmet needs in GIST where tumor biology is well-understood but effective treatments are lacking. Co-founder Alexis Borisy, with prior experience at Blueprint Medicines, highlighted pioneering selective combinations to hit driver mutations, cover escape pathways, and ensure safety profiles. IDRx differentiates itself by designing drug combinations de novo for early-stage treatment rather than pairing existing market therapies, aiming for broader therapeutic windows and transformative outcomes. The company anticipates about three years of runway for the combo therapy development, with aspirations for accelerated FDA approval as a second-line treatment under initiatives like Project FrontRunner, potentially followed by confirmatory trials for overall survival data. While focused initially on GIST, executives envision broader cancer applications leveraging the platform. |
Who has invested in Idrx?
9 investors have backed Idrx across its funding rounds, including Andreessen Horowitz, Casdin Capital, Nextech Invest, Forge Life Science Partners, Blackstone and RA Capital Management.
Lead investors include Blackstone, Commodore Capital, RA Capital Management, Andreessen Horowitz and Casdin Capital.
Idrx Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Aug 2022 | ||
| 2 | Participant | Aug 2022 | ||
| 2 | Lead | Aug 2022 | ||
| 2 | Lead | Aug 2022 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Lead | Aug 2024 | ||
| 1 | Lead | Aug 2024 | ||
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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 TrialIdrx Competitors
Idrx competitors include listed companies like Strides Pharma, MannKind, Cosmo and Seaport Therapeutics, and private ones like La Renon and Antekin Biotech.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $483M | $104M | $1.2B | 2.4x | ||
| Publicly listed | $349M | $43M | $1.2B | 3.3x | ||
| Publicly listed | $120M | $13M | $1.2B | 7.8x | ||
| Publicly listed | - | ($84M) | $1.2B | - | ||
| Private | $180M | $38M | $1.2B | 6.5x | ||
| Private | - | - | $1.2B | - |
Idrx Public Comps
Idrx is no longer listed, but its public comps include Strides Pharma, MannKind, Cosmo, Seaport Therapeutics, Apnimed, Blue Jet Healthcare, Everest Medicines, Odyssey Therapeutics, Savara and Ribolia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $483M | $104M | 2.7x | 2.4x | 12.7x | 12.6x | |||
| $349M | $43M | 3.9x | 3.3x | 31.6x | - | |||
| $120M | $13M | 8.0x | 7.8x | 76.4x | 70.8x | |||
| - | ($84M) | - | - | (10.7x) | (6.5x) | |||
| $38M | ($2M) | 34.4x | - | (571.3x) | - | |||
| $98M | $37M | 11.1x | 9.9x | 29.7x | 31.3x | |||
| $254M | ($72M) | 4.6x | 2.9x | (16.3x) | 22.3x | |||
| $3M | ($151M) | 279.0x | 973.1x | (5.5x) | (4.8x) | |||
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Common questions about Idrx
| When was Idrx founded? | Idrx was founded in 2022. |
| Where is Idrx headquartered? | Idrx is headquartered in United States. |
| Is Idrx publicly listed? | No, Idrx was acquired by GSK in January 2025. |
| Who acquired Idrx? | Idrx was acquired by GSK in January 2025. |
| How much was Idrx acquired for? | Idrx was acquired for $1.1B in January 2025. |
| What is Idrx's valuation? | Idrx was last valued at $415M in its Series B in August 2024. |
| How much funding has Idrx raised? | Idrx has raised $242M across 2 funding rounds. |
| What was Idrx's last funding round? | Idrx's last funding round was a $120M Series B in August 2024, led by Blackstone, Commodore Capital and RA Capital Management. |
| Who are Idrx's investors? | Idrx's investors include Nextech Invest, Forge Life Science Partners, Casdin Capital, Andreessen Horowitz, Merck KGaA, Blackstone, RA Capital Management, Commodore Capital and Nick Lydon. |
| Which companies are comparable to Idrx? | Companies comparable to Idrx include Strides Pharma, MannKind, Cosmo, Seaport Therapeutics, La Renon and Antekin Biotech. |
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