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- Invetx
Invetx Acquisition, Valuation, Funding & Investors
Invetx was acquired by Dechra for $520M in July 2024.
Invetx acquisition price
$520M
Acquired by Dechra · Jul 2024
Cumulative funding Invetx raised
$86M
across 3 funding rounds
Key investors in Invetx
Anterra Capital
Casdin Capital
Tekla Capital Management
Wuxi Biologics
AbCellera
GV
F-Prime
Eight Roads Ventures
About Invetx
Invetx is a San Francisco-headquartered veterinary biotech firm developing protein therapeutics for companion animals and livestock. It leverages biopharma expertise to treat inflammatory diseases and infectious conditions in pets and farm populations worldwide.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$520M (acquired Jul 2024)
Invetx Acquisition
Invetx was acquired by Dechra for $520M on 18 July 2024.
Before the acquisition Invetx had raised $86M across 3 funding rounds.
Invetx Inc., a Boston-based pioneer in protein-based therapeutics for animal health, develops species-specific monoclonal antibody (mAb) therapeutics targeting chronic diseases in cats and dogs, such as atopic dermatitis and osteoarthritis. The company employs a proprietary half-life extension platform that prolongs drug activity for longer inter-dosing intervals, improving compliance for veterinarians and pet owners. Invetx raised $86 million since 2018 from investors including F-Prime Capital, Novo Holdings, GV, Eight Roads, Anterra Capital, Casdin Capital, and Tekla Capital Management, with strategic partners like AbCellera, WuXi Biologics, Boehringer Ingelheim, and Twist Bioscience. Dechra Pharmaceuticals Limited, a global specialist in veterinary pharmaceuticals with a broad portfolio of specialty therapeutics for companion animals, completed the acquisition of Invetx from its shareholders on July 18, 2024, for approximately $530 million. The deal structure included $411.5 million in upfront cash consideration on a cash-free, debt-free basis, plus up to $120 million in gross contingent consideration tied to product development achievements and regulatory milestones through December 2032. Advisors included BofA Securities and Latham & Watkins for Invetx, and Guggenheim Securities, DLA Piper, and Kirkland & Ellis for Dechra; the transaction was subject to antitrust approval and customary closing conditions. The acquisition aligns with Dechra's strategy to lead in veterinary innovation by entering the high-growth mAbs market, complementing its existing pipeline and adding capabilities in core areas like dermatology and orthopedics for synergistic development, sales, and marketing. Invetx CEO Juergen Horn highlighted the pipeline's complementarity to Dechra's portfolio, while Dechra CEO Jesper Nordengaard emphasized Invetx's extended-duration biotherapeutics as a significant innovation accelerating growth and differentiation in companion animal health.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 18 Jul 2024 | Strategic M&A | $520M |
Invetx Funding History
Invetx has raised a total of $86M across 3 funding rounds.
Invetx's first fundraising round was a $15M Series A in February 2020. The most recent completed round was a $61M Series B in May 2022.
Invetx funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2022 | Series B | Eight Roads Ventures (lead); F-Prime (lead); GV (lead); Novo Holdings (lead); Casdin Capital; Tekla Capital Management; Anterra Capital | $61M | Invetx is a Boston-based pioneer in protein-based therapeutics for animal health, focusing on monoclonal antibody (mAb) pipelines targeting chronic and serious diseases in dogs and cats. The company raised $60.5 million in an oversubscribed Series B financing announced on May 10, 2022 (dated April 11, 2022 in some sources), led by F-Prime Capital, Novo Holdings, GV (formerly Google Ventures), and Eight Roads Ventures, with participation from existing investors Anterra Capital, Casdin Capital, and funds managed by Tekla Capital Management. Proceeds were intended to advance the mAb pipeline toward market approvals and commercialization, with programs in pilot phases and a first product candidate in clinical field studies. Invetx had raised a total of approximately $86 million since 2018 across multiple rounds, including prior Series A financings. Strategic partners include AbCellera for antibody discovery, WuXi Biologics for biologics platforms, and later mentions of Boehringer Ingelheim and Twist Bioscience. The company emphasized rapid progress in validating its mAb platform for veterinary biotherapeutics. In July 2024, Invetx was acquired by Dechra Pharmaceuticals for up to $520 million on a cash-free, debt-free basis, valuing the animal health therapeutics pioneer at that enterprise value. |
| Sep 2020 | Series A | AbCellera; Casdin Capital; Wuxi Biologics; Tekla Capital Management; Anterra Capital | $10M | Invetx is a biotechnology company developing protein-based therapeutics, including monoclonal antibodies, for animal health to address chronic and serious diseases in dogs and cats. The company completed a $25.5 million Series A financing in 2020, comprising an initial $15 million led by Anterra Capital with strategic investors AbCellera and WuXi Biologics, followed by an additional $10.25 million from new investors Casdin Capital and funds managed by Tekla Capital Management. Investors in the Series A included AbCellera, Anterra Capital, Casdin Capital, Tekla Capital Management, and Wuxi Biologics. The proceeds supported clinical entry of its first therapeutic candidate in 2020, preclinical pipeline development, team expansion, and scaling its antibody platform for veterinary applications. |
| Feb 2020 | Series A | Anterra Capital (lead); AbCellera; Wuxi Biologics | $15M | Invetx is a biotechnology company developing protein-based therapeutics for animal health, focusing on chronic and serious conditions in pets like dogs and cats using platforms for targets such as G-protein-coupled receptors. The company raised $15 million in its initial Series A financing on February 24, 2020, led by Anterra Capital with participation from strategic investors AbCellera Biologics and WuXi Biologics. This funding supported clinical entry of its first therapeutic candidate in 2020 and preclinical development of a broader pipeline of animal biologic drugs leveraging human biopharma technologies. Later in 2020, Invetx completed an additional $10.25 million tranche, bringing the total Series A to $25.5 million with new investors Casdin Capital and Tekla Capital Management funds joining. |
Who has invested in Invetx?
9 investors have backed Invetx across its funding rounds, including Anterra Capital, Casdin Capital, Tekla Capital Management, Wuxi Biologics, AbCellera and GV.
Lead investors include Eight Roads Ventures, F-Prime, GV, Novo Holdings and Anterra Capital.
Invetx Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Feb 2020 | ||
| 2 | Participant | Feb 2020 | ||
| 2 | Participant | Sep 2020 | ||
| 2 | Participant | Feb 2020 | ||
| 2 | Participant | Sep 2020 | ||
| 1 | Lead | May 2022 | ||
| 1 | Lead | May 2022 | ||
This data is available for Pro users. Sign up to see all 9 Invetx investors. Start Free Trial | ||||
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 TrialInvetx Competitors
Invetx competitors include listed companies like Kamada and Ocumension, and private ones like Shoreline Biosciences, Ollin Biosciences, Strand Therapeutics and Yantai Lannacheng Biotechnology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $528M | - | ||
| Publicly listed | $180M | $37M | $501M | 2.3x | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $120M | ($3M) | $548M | - | ||
| Private | - | - | $550M | - | ||
| Private | $2M | - | $477M | - |
Invetx Public Comps
Invetx is no longer listed, but its public comps include Entera Bio, Indaptus Therapeutics, Assembly Biosciences, Chabiotech, Ovid Therapeutics, Autolus Therapeutics, Tactile Medical, IBA Group, TaiMed Biologics and Vogenx.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $42K | ($11M) | 12199.0x | 42813.7x | (44.6x) | - | |||
| - | ($21M) | - | - | (24.6x) | - | |||
| $72M | ($12M) | 2.7x | 3.0x | (16.5x) | 9.1x | |||
| $923M | ($32M) | 1.4x | - | (41.0x) | - | |||
| $7M | ($17M) | 58.3x | 159.2x | (24.7x) | - | |||
| $75M | ($258M) | 5.2x | 3.1x | (1.5x) | (1.8x) | |||
| $330M | $36M | 1.3x | 1.2x | 12.3x | 9.1x | |||
| $714M | $40M | 0.8x | 0.8x | 14.8x | 10.5x | |||
This data is available for Pro users. Sign up to see all Invetx competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Invetx
| When was Invetx founded? | Invetx was founded in 2018. |
| Where is Invetx headquartered? | Invetx is headquartered in Boston, MA, United States. |
| Is Invetx publicly listed? | No, Invetx was acquired by Dechra in July 2024. |
| Who acquired Invetx? | Invetx was acquired by Dechra in July 2024. |
| How much was Invetx acquired for? | Invetx was acquired for $520M in July 2024. |
| How much funding has Invetx raised? | Invetx has raised $86M across 3 funding rounds. |
| What was Invetx's last funding round? | Invetx's last funding round was a $61M Series B in May 2022, led by Eight Roads Ventures, F-Prime, GV and Novo Holdings. |
| Who are Invetx's investors? | Invetx's investors include Anterra Capital, AbCellera, Casdin Capital, Wuxi Biologics, Tekla Capital Management, Novo Holdings, GV, F-Prime and Eight Roads Ventures. |
| Which companies are comparable to Invetx? | Companies comparable to Invetx include Shoreline Biosciences, Kamada, Ollin Biosciences, Ocumension, Strand Therapeutics and Yantai Lannacheng Biotechnology. |
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