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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
Fidelity
Baillie Gifford
Bill & Melinda Gates Foundation
New Leaf Venture Partners
Farallon Capital Management
NXT Ventures
About Intarcia Therapeutics
Intarcia Therapeutics is a Hayward, California-headquartered biopharmaceutical company developing long-term drug delivery systems for chronic diseases. The firm utilizes its DUROS platform to deliver proteins and peptides steadily over extended periods. Products include OMEGA DUROS for Hepatitis C treatment and ITCA 650 for type 2 diabetes management, with additional programs targeting obesity.
Founded
1997
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 |
Intarcia Therapeutics Valuation
Intarcia Therapeutics is currently valued at $3.7B, based on its Series E in September 2017.
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 5 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 2015 | Undisclosed stage | $5.5B |
| 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 $200M undisclosed-stage round in April 2014. 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 Innovator Fund | $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 2015 | Undisclosed stage | - | $225M | $5.5B | Intarcia Therapeutics, a Boston-based biopharmaceutical company, develops novel drug delivery technologies for chronic diseases, focusing on its lead product ITCA 650, an injection-free, once- or twice-yearly subcutaneous GLP-1 therapy implant for type 2 diabetes currently in phase 3 clinical trials. On April 27, 2015, the company closed a $225 million synthetic royalty financing, receiving funds in exchange for 1.5% of future global net sales of ITCA 650, with investors holding an equity conversion option into common stock at a $5.5 billion company valuation during a specified period post-FDA approval. This novel structure, structured by Morgan Stanley, provided non-dilutive capital while maintaining Intarcia's control over U.S. commercialization. Proceeds from the financing were allocated to accelerate head-to-head comparative and switch studies of ITCA 650 against leading oral and injectable diabetes therapies, build U.S. launch infrastructure and talent, and advance recently in-licensed pipeline assets including a Numab collaboration for once- or twice-yearly antibody-based therapies targeting diabetes, obesity, and autoimmune diseases. This round followed a $200 million private financing in 2014 and a Servier collaboration valued at over $1 billion for ex-U.S. rights, bringing Intarcia's total funding past $1 billion and positioning it financially through planned 2017 U.S. approval and early launch of ITCA 650. The $5.5 billion equity conversion valuation reflects investor confidence in ITCA 650's potential to address poor compliance and outcomes in type 2 diabetes management, with analysts noting it anticipates post-launch value around two years after commercialization. Investors receive quarterly royalty payments until maturity or full repayment, requiring approximately $15 billion in lifetime ITCA 650 sales for breakeven per Wall Street Journal coverage. A subsequent May 2015 synthetic royalty financing of $300 million featured similar terms including 2% net sales royalties and the same $5.5 billion conversion option, further bolstering clinical and pre-clinical programs. |
| 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. |
Who has invested in Intarcia Therapeutics?
14 investors have backed Intarcia Therapeutics across its funding rounds, including RA Capital Management, Foresite Capital, Fidelity, Baillie Gifford, Bill & Melinda Gates Foundation and New Leaf Venture Partners.
Lead investors include Bill & Melinda Gates Foundation, Baillie Gifford and RA Capital Management.
Intarcia Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Apr 2014 | ||
| 2 | Lead | Apr 2014 | ||
| 1 | Lead | Sep 2016 | ||
| 1 | Participant | Dec 2016 | ||
| 1 | Participant | Apr 2014 | ||
| 1 | Participant | Sep 2016 | ||
| 1 | Participant | Sep 2016 | ||
| 1 | Participant | Sep 2016 | ||
| 1 | Lead | Dec 2016 | ||
| 1 | Participant | Sep 2016 | ||
| 1 | Participant | Apr 2014 | ||
| 1 | Participant | Apr 2014 | ||
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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 | |
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Intarcia Therapeutics Competitors
Intarcia Therapeutics competitors include listed companies like Tarsus Pharmaceuticals and Enliven Therapeutics, and private ones like Biomat USA, ArsenalBio, BioRay Pharmaceuticals and Rakuten Medical.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $4.2B | - | ||
| Private | - | - | $1.9B | - | ||
| Private | $131M | - | $1.9B | 14.5x | ||
| Private | - | - | $1.7B | - | ||
| Publicly listed | $451M | ($70M) | $3.7B | 5.2x | ||
| Publicly listed | - | ($119M) | $3.7B | - |
Intarcia Therapeutics Public Comps
Intarcia Therapeutics is no longer listed, but its public comps include Tarsus Pharmaceuticals, iRhythm Holdings, Enliven Therapeutics, Simcere Pharmaceutical Group, IDEAYA Biosciences, Zhejiang Huahai, Santen Pharmaceutical, Shijiazhuang Yiling, Emcure Pharmaceuticals and Pulse Biosciences.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $451M | ($70M) | 7.4x | 5.2x | (47.5x) | - | |||
| $747M | ($25M) | 5.2x | 4.6x | (151.6x) | 36.4x | |||
| - | ($119M) | - | - | (23.3x) | (20.3x) | |||
| $1.2B | $289M | 2.8x | 2.4x | 11.3x | 10.5x | |||
| $219M | ($155M) | 13.4x | 32.6x | (18.9x) | (7.8x) | |||
| $1.3B | $248M | 3.6x | 3.4x | 18.6x | 14.7x | |||
| $1.9B | $364M | 1.9x | 1.9x | 9.7x | 8.0x | |||
| $1.2B | $330M | 3.0x | 2.8x | 10.5x | 12.4x | |||
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Common questions about Intarcia Therapeutics
| When was Intarcia Therapeutics founded? | Intarcia Therapeutics was founded in 1997. |
| Where is Intarcia Therapeutics headquartered? | Intarcia Therapeutics is headquartered in San Francisco, CA, 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 Foresite Capital, RA Capital Management, Baillie Gifford, GWC Innovator Fund, Alger, Kayon Partners, Fidelity, The Baupost Group, Bill & Melinda Gates Foundation, NXT Ventures and 4 others. |
| Which companies are comparable to Intarcia Therapeutics? | Companies comparable to Intarcia Therapeutics include Biomat USA, ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical, Tarsus Pharmaceuticals and Enliven Therapeutics. |
| How many companies has Intarcia Therapeutics acquired? | Intarcia Therapeutics has acquired 1 company, including Phoundry Pharmaceuticals. |
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