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Intarcia Therapeutics Acquisition, Valuation, Funding & Investors
Intarcia Therapeutics was acquired by i2o Therapeutics in August 2023.
Intarcia Therapeutics acquisition price
Undisclosed
Acquired by i2o Therapeutics · Aug 2023
Cumulative funding Intarcia Therapeutics raised
$1B
across 5 funding rounds
Key investors in Intarcia Therapeutics
RA Capital Management
Foresite Capital
New Leaf Venture Partners
Farallon Capital Management
The Baupost Group
New Enterprise Associates
Fidelity
Venrock
About Intarcia Therapeutics
Intarcia Therapeutics was a US biopharmaceutical company that developed drug-device combinations for chronic diseases, built on its Medici platform, a matchstick-sized osmotic mini-pump placed under the skin to release a drug at a steady rate for months. Its lead product, ITCA 650, delivered exenatide for type 2 diabetes once or twice a year. The company was founded in 1995 as BioMedicines, was headquartered in Boston and also had operations in Hayward, California and Research Triangle Park, North Carolina. It raised more than 1 billion US dollars from investors including RA Capital Management, Baupost, Fidelity, Baillie Gifford, Venrock and the Bill and Melinda Gates Foundation, and was once valued at nearly 5 billion dollars. The FDA rejected ITCA 650 in 2017 and 2020, and in August 2023 i2o Therapeutics acquired its cardiometabolic assets, including ITCA 650 and the Medici platform.
Founded
1995
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$3.7B (Sep 2017)
Intarcia Therapeutics Acquisition
Intarcia Therapeutics was acquired by i2o Therapeutics for an undisclosed price on 28 August 2023.
Before the acquisition Intarcia Therapeutics had raised $1B across 5 funding rounds.
Intarcia Therapeutics, a biopharmaceutical company founded in 1995 as BioMedicines Inc. and once valued at nearly $5 billion, developed the ITCA 650, a matchstick-sized, twice-yearly implantable GLP-1 agonist exenatide device for type 2 diabetes treatment using its proprietary Medici implant technology platform. The company raised over $1-2 billion from investors including RA Capital Management, Venrock, and the Bill & Melinda Gates Foundation but faced FDA rejections in 2017 and 2020 due to acute kidney injury risks and production issues, leading to layoffs and R&D cuts. In late August 2023, Boston-based i2o Therapeutics, a 2019 Harvard spinout initially focused on oral GLP-1 agonists with preclinical programs in diabetes, obesity, and NASH, acquired Intarcia's cardiometabolic assets including ITCA 650, Medici platform, and pipeline of long-acting GLP-1s, Amylin, Glucagon, and PYY. i2o, backed by a $46 million Series A from top-tier biotech investors and prior $4 million seed co-led by Sanofi Ventures and JDRF T1D Fund, integrated these assets to advance novel GLP-1 combination products addressing poor adherence, access, affordability, and supply amid rising diabetes and obesity rates. The deal included an upfront payment with potential earnouts or royalties tied to FDA approval, positioning Intarcia as an i2o business unit. Concurrently, i2o appointed Kurt Graves, former Intarcia chair, president, and CEO and i2o board executive chair since 2021, as its chairman, president, and CEO, replacing Ravi Srinivasan; Graves also signed a four-year research and licensing deal with Harvard's Samir Mitragotri lab. The acquisition occurred ahead of ITCA 650's FDA advisory committee hearing on September 21, 2023, which unanimously voted against approval citing ongoing kidney and heart safety concerns, despite Graves' arguments comparing side effects to Wegovy. i2o aims to revive the platform in a competitive landscape with players like Vivani Medical developing GLP-1 implants, targeting improved standards of care for cardiometabolic diseases.
| Acquirer | Date | Type |
|---|---|---|
| 28 Aug 2023 | Strategic M&A |
Sources: biopharmadive.com, businesswire.com
Intarcia Therapeutics Valuation
Intarcia Therapeutics is currently valued at $3.7B, based on its Series E in September 2017. Read the announcement ↗
Intarcia Therapeutics' valuation has grown 2.5x from $1.5B at its undisclosed-stage round in April 2014 to $3.7B in September 2017, across 4 priced rounds.
Intarcia Therapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2017 | Series E | $3.7B |
| Dec 2016 | Series E | $3.7B |
| Sep 2016 | Series E | $3.9B |
| Apr 2014 | Undisclosed stage | $1.5B |
Intarcia Therapeutics Funding History
Intarcia Therapeutics has raised a total of $1B across 5 funding rounds.
Intarcia Therapeutics' first fundraising round was a $210M undisclosed-stage round in November 2012. The most recent completed round was a $200M Series E in September 2017.
Intarcia Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2017 | Series E | - | $200M | $3.7B | Intarcia Therapeutics, a Boston-based biotech company, developed ITCA 650, a novel once- or twice-yearly implantable mini-pump delivering exenatide for type 2 diabetes treatment, aiming to improve patient compliance over daily pills or injections. The company retained U.S. commercialization rights after a $1B+ licensing deal with Servier for ex-U.S./Japan markets in 2014 and pursued FDA approval targeted for late 2017. Intarcia raised over $1B in prior private financings, including a $225M synthetic royalty deal in April 2015 with equity conversion option at $5.5B valuation to fund comparative studies, U.S. launch infrastructure, and pipeline expansion like Numab collaboration for long-acting antibody therapies in diabetes, obesity, and autoimmune diseases. In 2017, Intarcia closed $215M of a targeted $600M Series J equity financing led by Lucion Venture Capital, implying over $4B valuation per SEC filing, to support device approval and 2017 launch, with a larger Q4 close expected. A $525M Series J round is noted in August 2017 led by Gates Foundation for late-stage clinical development and manufacturing scale-up, part of ongoing Series J efforts totaling around $1.89B across tranches including smaller $8M in 2018. The company faced challenges, later licensing assets to i2o Therapeutics in a $46M Series A in 2023 led by former Intarcia CEO Kurt Graves, after FDA setbacks, while Intarcia's unicorn status peaked near $5B valuation in 2015. |
| Dec 2016 | Series E | Bill & Melinda Gates Foundation (lead); GWC | $206M | $3.7B | Intarcia Therapeutics, a Boston-based biopharma company, develops the Medici drug delivery platform featuring implantable osmotic micropumps for once- or twice-yearly administration of therapies targeting chronic diseases like type 2 diabetes with its lead candidate ITCA 650 (exenatide). On December 29, 2016, the company completed the second close of its Series EE equity financing, raising $206 million, following a $215 million first close in September 2016, with a third close planned for Q1 2017. The Bill & Melinda Gates Foundation contributed $50 million in this round, plus up to $90 million in milestones, and partnered with Intarcia to develop a once- or twice-yearly HIV prophylactic using the Medici system to improve adherence in high-prevalence regions like sub-Saharan Africa. The financing strengthened Intarcia's position ahead of anticipated FDA approval for ITCA 650, submitted in November 2016, which triggered a prior $100 million milestone. Investors included the Gates Foundation and GWC Innovator Fund as part of the strengthened shareholder base. Intarcia aimed to address unmet needs in diabetes treatment and expand its pipeline to HIV prevention, obesity, autoimmune diseases, and other areas through enhancements to the Medici platform and collaborations like with Servier (valued over $1 billion ex-US) and Numab. The funds supported NDA readiness, commercial launch preparations targeted for 2017, and pipeline progression, positioning Intarcia to launch transformative long-acting therapies. |
| Sep 2016 | Series E | Baillie Gifford (lead); Kayon Partners; Fidelity; The Baupost Group; NXT Ventures; Foresite Capital; The Pritzker Organization; RA Capital Management | $215M | $3.9B | Intarcia Therapeutics is a Boston-based biopharmaceutical company developing novel treatments for Type 2 diabetes and obesity. The company's lead candidate is ITCA 650, a once or twice-yearly, injection-free GLP-1 therapy that was in Phase 3 clinical development at the time of this funding round. In September 2016, Intarcia completed a major equity financing round at a $3.94 billion valuation led by Baillie Gifford alongside investors including Fidelity, Foresite Capital, Kayon Partners, NXT Ventures, RA Capital Management, The Baupost Group, and The Pritzker Organization. The company raised $215 million in this round, positioning itself for regulatory submission and commercial launch of ITCA 650. Prior to this round, Intarcia had secured $225 million in synthetic royalty financing with an equity conversion option at a $5.5 billion valuation in April 2015, along with a Servier collaboration valued at more than $1 billion. As a pre-commercial biotech company in Phase 3 development, Intarcia had not yet generated commercial revenue from product sales at the time of this financing round. |
| Apr 2014 | Undisclosed stage | RA Capital Management (lead); Alger; Foresite Capital; New Leaf Venture Partners; Quadrille Capital; Farallon Capital Management | $200M | $1.5B | Intarcia Therapeutics is a biopharmaceutical company developing innovative therapies that combine medicine with technology, particularly focusing on ITCA 650, a novel once- or twice-yearly, injection-free GLP-1 therapy using a miniature pump for type 2 diabetes treatment, delivered subcutaneously to improve patient compliance and outcomes. The company completed a landmark $200 million private equity financing round on April 1, 2014, led by RA Capital Management with participation from Farallon Capital Management, Foresite Capital, Fred Alger Management, New Leaf Venture Partners, and others including Franklin Templeton and Quilvest. This Series DD round followed a prior $210 million equity and debt financing in November 2012, positioning Intarcia strongly for Phase 3 completion, launch preparations, and pipeline advancement. The 2014 financing strengthened Intarcia's position in the competitive diabetes market, where poor compliance and high costs burden patients and payers. Investors highlighted ITCA 650's potential as a game-changing, cost-effective solution with built-in adherence via its long-acting delivery system. Peter Kolchinsky of RA Capital emphasized the product's promise for simplifying glucose control. Subsequent to the 2014 round, Intarcia secured a $225 million synthetic royalty financing in April 2015 with an equity conversion option at a $5.5 billion valuation, combined with a Servier ex-US collaboration valued over $1 billion, bringing total funding past $1 billion including bridges. These funds supported head-to-head trials, U.S. launch infrastructure, and pipeline expansion including Numab collaborations for antibody therapies in diabetes, obesity, and autoimmune diseases. |
| Nov 2012 | Undisclosed stage | The Baupost Group; New Enterprise Associates; New Leaf Venture Partners; Venrock; Farallon Capital Management | $210M | - | In November 2012 Intarcia Therapeutics raised 210 million US dollars in a combined preferred stock and debt financing from The Baupost Group, Farallon Capital Management, New Enterprise Associates, New Leaf Venture Partners and Venrock Associates. The money was to carry the company's once-yearly exenatide implant for type 2 diabetes, ITCA 650, into Phase III trials, and the company moved its headquarters to the Boston area at the same time. Intarcia was founded in 1995 as BioMedicines and develops drug-device combinations around its Medici mini-pump platform, which releases a peptide or protein drug at a steady rate for months. The round preceded a 200 million dollar equity financing led by RA Capital in April 2014. Other early backers named in company history include Greenspring Associates and Alta Partners. |
Who has invested in Intarcia Therapeutics?
16 investors have backed Intarcia Therapeutics across its funding rounds, including RA Capital Management, Foresite Capital, New Leaf Venture Partners, Farallon Capital Management, The Baupost Group and New Enterprise Associates.
Lead investors include Bill & Melinda Gates Foundation, Baillie Gifford and RA Capital Management.
Intarcia Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Nov 2012 | ||
| 2 | Participant | Apr 2014 | ||
| 2 | Participant | Nov 2012 | ||
| 2 | Lead | Apr 2014 | ||
| 2 | Participant | Nov 2012 | ||
| 1 | Lead | Sep 2016 | ||
| 1 | Participant | Apr 2014 | ||
| 1 | Participant | Sep 2016 | ||
| 1 | Participant | Sep 2016 | ||
| 1 | Participant | Dec 2016 | ||
| 1 | Participant | Nov 2012 | ||
| 1 | Lead | Dec 2016 | ||
| 1 | Participant | Sep 2016 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Intarcia Therapeutics
Intarcia Therapeutics has acquired 1 company to date.
Last acquisition by Intarcia Therapeutics was on September 24th 2015. Intarcia Therapeutics acquired Phoundry Pharmaceuticals for undisclosed valuation.
Latest Acquisitions by Intarcia Therapeutics
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 24 Sep 2015 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Intarcia Therapeutics acquisitions and their M&A valuation multiples. Start Free Trial | |
Intarcia Therapeutics Competitors
Intarcia Therapeutics competitors include listed companies like Bausch Health and Livzon Pharmaceutical Group, and private ones like Biomat USA, ArsenalBio, BioRay Pharmaceuticals and Rakuten Medical.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $4.2B | - | ||
| Publicly listed | $10B | $3.1B | $3.1B | 2.1x | ||
| Private | - | - | $1.9B | - | ||
| Private | $131M | - | $1.9B | 14.5x | ||
| Private | - | - | $1.7B | - | ||
| Publicly listed | $1.8B | $480M | $3.7B | 2.1x |
Intarcia Therapeutics Public Comps
Intarcia Therapeutics is no longer listed, but its public comps include Livzon Pharmaceutical Group, Iovance Biotherapeutics, ACADIA Pharmaceuticals, Apeloa Pharmaceutical, CR Pharmaceutical, Amplifon, Andon Health, Organon, Beijing Tiantan and Enliven Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $480M | 1.8x | 2.1x | 6.9x | 7.7x | |||
| $264M | ($356M) | 12.9x | 8.5x | (9.5x) | (17.9x) | |||
| $1.1B | $119M | 2.6x | 2.2x | 23.2x | 18.9x | |||
| $1.5B | $247M | 2.3x | 2.4x | 13.9x | 12.5x | |||
| $40B | $2.6B | 0.5x | 0.5x | 8.1x | 8.3x | |||
| $2.7B | $557M | 1.8x | 1.8x | 8.7x | 7.7x | |||
| $205M | $74M | 18.0x | - | 49.7x | - | |||
| $6.2B | $1.3B | 1.7x | 1.7x | 8.3x | 6.0x | |||
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Common questions about Intarcia Therapeutics
| When was Intarcia Therapeutics founded? | Intarcia Therapeutics was founded in 1995. |
| Where is Intarcia Therapeutics headquartered? | Intarcia Therapeutics is headquartered in Boston, United States. |
| Is Intarcia Therapeutics publicly listed? | No, Intarcia Therapeutics was acquired by i2o Therapeutics in August 2023. |
| Who acquired Intarcia Therapeutics? | Intarcia Therapeutics was acquired by i2o Therapeutics in August 2023. |
| What is Intarcia Therapeutics' valuation? | Intarcia Therapeutics was last valued at $3.7B in its Series E in September 2017. |
| How much funding has Intarcia Therapeutics raised? | Intarcia Therapeutics has raised $1B across 5 funding rounds. |
| What was Intarcia Therapeutics' last funding round? | Intarcia Therapeutics' last funding round was a $200M Series E in September 2017. |
| Who are Intarcia Therapeutics' investors? | Intarcia Therapeutics' investors include The Baupost Group, Foresite Capital, New Leaf Venture Partners, RA Capital Management, Farallon Capital Management, Baillie Gifford, Alger, Kayon Partners, Fidelity, GWC and 6 others. |
| Which companies are comparable to Intarcia Therapeutics? | Companies comparable to Intarcia Therapeutics include Biomat USA, Bausch Health, ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical and Livzon Pharmaceutical Group. |
| How many companies has Intarcia Therapeutics acquired? | Intarcia Therapeutics has acquired 1 company, including Phoundry Pharmaceuticals. |
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