Inversago Pharma Acquisition, Valuation, Funding & Investors

Inversago Pharma was acquired by Novo Nordisk for $1.1B in August 2023.

Inversago Pharma acquisition price

$1.1B

Acquired by Novo Nordisk · Aug 2023

Cumulative funding Inversago Pharma raised

$111M

across 3 funding rounds

Key investors in Inversago Pharma

  • JDRF T1D Fund
  • Genesys Capital
  • Amorchem
  • Fonds de solidarité FTQ
  • Forbion Capital Partners
  • AQC Capital
  • adMare Bio Innovations
  • New Enterprise Associates

Inversago Pharma Overview

About Inversago Pharma

Inversago Pharma is a Montreal-based clinical-stage biotechnology company that developed peripherally-acting CB1 inverse agonists and antagonists for metabolic and fibrotic diseases, including diabetic kidney disease, Prader-Willi syndrome, type 1 diabetes, obesity, and non-alcoholic steatohepatitis. Its lead program, INV-202, received FDA clearance to begin clinical trials and reported positive Phase 1b results in patients with metabolic syndrome. By designing molecules that act outside the central nervous system, the company aimed to avoid the psychiatric side effects associated with earlier, centrally-acting CB1 blockers.


Founded

2015

HQ

CanadaCanada

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$1.1B (acquired Aug 2023)

Inversago Pharma Acquisition

Inversago Pharma was acquired by Novo Nordisk for $1.1B on 10 August 2023.

Before the acquisition Inversago Pharma had raised $111M across 3 funding rounds.

Inversago Pharma acquisition details
AcquirerDateTypePrice
10 Aug 2023Strategic M&A$1.1B

Inversago Pharma Funding History

Inversago Pharma has raised a total of $111M across 3 funding rounds.

Inversago Pharma's first fundraising round was a $7M Series A in July 2018. The most recent completed round was a $69M Series C in October 2022.

Inversago Pharma funding rounds

Inversago Pharma funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2022Series CNew Enterprise Associates (lead); JDRF T1D Fund; Amgen Ventures; Fonds de solidarité FTQ; Forbion Capital Partners; Amorchem; adMare Bio Innovations; Genesys Capital$69MInversago Pharma is a Montreal-based clinical-stage biotech company developing peripherally-acting CB1 inverse agonists for metabolic diseases, including Diabetic Kidney Disease and fibrosis. Its lead program, INV-202, received FDA IND clearance and showed promising Phase 1b topline results in subjects with metabolic syndrome prior to the Series C financing. On October 17, 2022, the company closed a $95 million CAD (approximately $70 million USD) Series C round led by New Enterprise Associates (NEA), with participation from new investors Forbion’s Growth Opportunities Fund and Amgen Ventures, alongside existing investors adMare BioInnovations, Amorchem, Fonds de solidarité FTQ, Genesys Capital, JDRF T1D Fund, and Forbion Ventures Fund IV. Proceeds are allocated to initiate a Phase 2 clinical trial for INV-202 in Diabetic Kidney Disease in Q4 2022 and advance other preclinical programs to establish leadership in CB1 blockers. Following the financing, Inversago appointed NEA's Ed Mathers and Forbion's Nanna Lüneborg to its board of directors on October 19, 2022, enhancing expertise for upcoming clinical milestones. The company had previously raised funds in Series A and B rounds, contributing to a total of approximately $109.4 million across four rounds by acquisition time. Inversago was later acquired by Novo Nordisk on August 10, 2023, marking its exit after demonstrating potential in CB1 receptor blockers for diabetic patient populations.
Sep 2020Series BFonds de solidarité FTQ (lead); Forbion Capital Partners (lead); JDRF T1D Fund; Amorchem; AQC Capital; adMare Bio Innovations; Genesys Capital$35MInversago Pharma, a Montreal-based biotech company, develops peripherally-acting CB1 inverse agonists to treat metabolic and fibrotic diseases including Prader-Willi syndrome, NASH, type-1 diabetes, and diabetic nephropathy. On September 8, 2020, the company closed a US$35 million (CDN$47 million) Series B financing round led by Forbion Capital Partners and co-led by Fonds de solidarité FTQ, with participation from existing investors Genesys Capital, JDRF T1D Fund, Amorchem, Anges Québec Capital (AQC Capital), adMare BioInnovations, and angels. Proceeds from the financing were allocated to advance the lead candidate INV-101 to clinical proof-of-concept and to progress research on other peripheral CB1 blockers, while also expanding company operations. In connection with the round, Inversago strengthened its board by appointing Carlo Incerti (Forbion Operating Partner) as Chairman, Marco Boorsma (Forbion General Partner), and Patricia Allen (biotech finance leader) as directors, with Allen also chairing the Audit Committee. CEO François Ravenelle highlighted the financing as recognition of two years of progress, enabling key advancements in peripheral CB1 blockade therapeutics. The peripherally-acting approach aims to avoid CNS liabilities associated with central CB1 blockers, offering a potentially safer profile for metabolic disorders with unmet needs. Later developments included a CAD 95 million Series C in 2022 and a 2023 acquisition by Novo Nordisk for up to $1.075 billion focused on obesity applications.
Jul 2018Series AAmorchem (lead); Genesys Capital (lead); JDRF T1D Fund; Accel-Rx Health Sciences Accelerator; Anges Quebec; The Foundation for Prader-Willi Research; Tarnagulla Ventures; AQC Capital$7MInversago Pharma is a preclinical-stage biotech company developing peripherally-restricted cannabinoid-1 (CB1) receptor inverse agonists/antagonists for metabolic diseases including Prader-Willi Syndrome, type 1 diabetes, obesity, and non-alcoholic steatohepatitis. On July 25, 2018, the company closed a $7 million Series A financing round co-led by Genesys Capital and Amorchem, with participation from Accel-Rx Health Sciences Accelerator, Anges Quebec, AQC Capital, JDRF T1D Fund, Tarnagulla Ventures, and angel investors. The proceeds supported advancement of its CB1 platform into clinical trials. Inversago subsequently raised additional rounds, including Series B in 2020 and Series C in 2022, bringing total funding to approximately $112 million before its acquisition by Novo Nordisk on August 10, 2023, for up to $1.075 billion USD contingent on milestones.

Who has invested in Inversago Pharma?

13 investors have backed Inversago Pharma across its funding rounds, including JDRF T1D Fund, Genesys Capital, Amorchem, Fonds de solidarité FTQ, Forbion Capital Partners and AQC Capital.

Lead investors include New Enterprise Associates, Fonds de solidarité FTQ, Forbion Capital Partners, Amorchem and Genesys Capital.


Inversago Pharma Investors

Investors in Inversago Pharma by funding rounds participated
InvestorHQRoundsRoleFirst check
JDRF T1D FundUnited StatesBoston, MA3ParticipantJul 2018
AmorchemCanadaMontreal3LeadJul 2018
Genesys CapitalCanadaToronto3LeadJul 2018
Fonds de solidarité FTQCanadaMontreal2LeadSep 2020
Forbion Capital PartnersNetherlandsNaarden2LeadSep 2020
AQC CapitalCanadaMontreal2ParticipantJul 2018
adMare Bio InnovationsCanadaVancouver2ParticipantSep 2020
Amgen VenturesUnited StatesSan Francisco, CA1ParticipantOct 2022
Accel-Rx Health Sciences AcceleratorCanadaVancouver1ParticipantJul 2018
Anges QuebecCanadaQuebec City1ParticipantJul 2018
The Foundation for Prader-Willi ResearchUnited StatesLos Angeles, CA1ParticipantJul 2018

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Inversago Pharma Competitors

Inversago Pharma competitors include listed companies like Monte Rosa Therapeutics, Obsidian Therapeutics, Kissei Pharmaceutical and Guilin Sanjin, and private ones like Letu and Formation Bio.

Public and private companies comparable to Inversago Pharma
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Monte Rosa TherapeuticsUnited StatesUnited StatesPublicly listed$124M($42M)$1.1B5.9x
Obsidian TherapeuticsUnited StatesUnited StatesPublicly listed-($104M)$1.1B-
Kissei PharmaceuticalJapanJapanPublicly listed$626M$138M$1.1B1.2x
Guilin SanjinChinaChinaPublicly listed$305M$95M$1.1B-
LetuChinaShenzhenPrivate--$1.1B-
Formation BioUnited StatesNew York City, NYPrivate--$1B-

Inversago Pharma Public Comps

Inversago Pharma is no longer listed, but its public comps include Monte Rosa Therapeutics, Obsidian Therapeutics, Kissei Pharmaceutical, Guilin Sanjin, Jade Biosciences, CStone Pharmaceuticals, Corvus Pharma, MoonLake, Philogen and SPIMACO - ADDWAEIH.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Monte Rosa Therapeutics$124M($42M)4.0x5.9x(11.7x)(10.3x)
Obsidian Therapeutics-($104M)--(13.0x)-
Kissei Pharmaceutical$626M$138M1.2x1.2x5.5x17.2x
Guilin Sanjin$305M$95M2.9x-9.4x-
Jade Biosciences-($135M)--(4.7x)-
CStone Pharmaceuticals$40M($56M)22.8x16.3x(16.3x)(15.1x)
Corvus Pharma-($18M)--(47.6x)(13.1x)
MoonLake-($220M)--(2.8x)(2.5x)

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Common questions about Inversago Pharma

When was Inversago Pharma founded?Inversago Pharma was founded in 2015.
Where is Inversago Pharma headquartered?Inversago Pharma is headquartered in Canada.
Is Inversago Pharma publicly listed?No, Inversago Pharma was acquired by Novo Nordisk in August 2023.
Who acquired Inversago Pharma?Inversago Pharma was acquired by Novo Nordisk in August 2023.
How much was Inversago Pharma acquired for?Inversago Pharma was acquired for $1.1B in August 2023.
How much funding has Inversago Pharma raised?Inversago Pharma has raised $111M across 3 funding rounds.
What was Inversago Pharma's last funding round?Inversago Pharma's last funding round was a $69M Series C in October 2022, led by New Enterprise Associates.
Who are Inversago Pharma's investors?Inversago Pharma's investors include JDRF T1D Fund, Amorchem, Genesys Capital, Fonds de solidarité FTQ, Forbion Capital Partners, AQC Capital, adMare Bio Innovations, Amgen Ventures, Accel-Rx Health Sciences Accelerator, Anges Quebec and 3 others.
Which companies are comparable to Inversago Pharma?Companies comparable to Inversago Pharma include Monte Rosa Therapeutics, Obsidian Therapeutics, Kissei Pharmaceutical, Guilin Sanjin, Letu and Formation Bio.

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