IVERIC bio Acquisition, Valuation, Funding & Investors

IVERIC bio was acquired by Astellas Pharma for $5.9B in April 2023.

IVERIC bio acquisition price

$5.9B

Acquired by Astellas Pharma · Apr 2023

Cumulative funding IVERIC bio raised

$116M

across 3 funding rounds

Key investors in IVERIC bio

IVERIC bio Overview

About IVERIC bio

IVERIC bio is a biopharmaceutical company that develops therapies for retinal diseases, in particular geographic atrophy secondary to age-related macular degeneration and Stargardt disease. It was founded in 2007 as Ophthotech by former Eyetech executives David Guyer and Samir Patel, and changed its name to IVERIC bio in 2019. The company's lead programme was avacincaptad pegol, a complement C5 inhibitor given by intravitreal injection. It was funded by venture investors including Clarus Ventures, SV Life Sciences, Novo A/S and HBM BioVentures, went public in 2013 and was acquired by Astellas Pharma in 2023. The company earned no product revenue and financed development through equity, collaboration and royalty funding.


Founded

2007

HQ

United StatesPrinceton, NJ

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$5.9B (acquired Apr 2023)

IVERIC bio Acquisition

IVERIC bio was acquired by Astellas Pharma for $5.9B on 30 April 2023.

Before the acquisition IVERIC bio had raised $116M across 3 funding rounds.

Astellas Pharma agreed to acquire IVERIC bio in April 2023 for USD 40.00 per share in cash, a total equity value of approximately USD 5.9 billion, through its US holding company and a merger subsidiary. The price was a 64% premium to IVERIC's unaffected closing share price of USD 24.33 on 31 March 2023. Astellas said the deal advances its focus area of blindness and regeneration and gives it ophthalmology capabilities including a commercial team and relationships with medical institutions. The lead programme was avacincaptad pegol for geographic atrophy secondary to age-related macular degeneration, with an FDA decision date of 19 August 2023. Astellas funded the purchase with bank loans and commercial paper of about JPY 800 billion plus cash on hand. The acquisition completed on 11 July 2023 and IVERIC bio became a wholly owned subsidiary of Astellas. IVERIC bio was a clinical-stage biopharmaceutical company formed in 2007 as Ophthotech and developing treatments for retinal diseases, with offices in New Jersey.

IVERIC bio acquisition details
AcquirerDateTypePrice
30 Apr 2023Strategic M&A$5.9B

Sources: prnewswire.com, newsroom.astellas.com, sec.gov

IVERIC bio Funding History

IVERIC bio has raised a total of $116M across 3 funding rounds.

IVERIC bio's first fundraising round was a $36M Series A in August 2007. The most recent completed round was a $50M Series C in May 2013.

IVERIC bio funding rounds

IVERIC bio funding rounds
DateStageInvestorsRaisedDeal Summary
May 2013Series CNovo Holdings (lead); SV Health Investors; HBM Healthcare Investments; Clarus Ventures$50MClarus Ventures, SV Life Sciences, Novo A/S and HBM BioVentures backed Ophthotech, now IVERIC bio, in a USD 50 million Series C preferred stock round in May 2013, with Novo A/S leading alongside the existing investors. The round was the equity part of a USD 175 million financing announced the same month, in which Novo A/S also provided USD 125 million in exchange for royalties on future sales of the company's lead product Fovista. The proceeds were to fund the pivotal Phase III programme for Fovista, an anti-PDGF therapy being developed for wet age-related macular degeneration. The Series C followed a USD 30 million Series B in December 2009 led by Clarus and a USD 36 million Series A in August 2007. Ophthotech was formed in 2007 by former Eyetech executives David Guyer and Samir Patel to develop treatments for retinal disease. The company went public later in 2013, was renamed IVERIC bio in 2019 and was acquired by Astellas in 2023. It develops therapies for geographic atrophy and other retinal diseases.
Dec 2009Series BClarus Ventures (lead); Novo Holdings; SV Health Investors; HBM Healthcare Investments$30MOphthotech closed a USD 30 million Series B financing in December 2009, led by Clarus Ventures with existing investors SV Life Sciences, Novo A/S and HBM BioVentures. Clarus was to be represented on the board by managing director Nicholas Galakatos. The proceeds were to fund clinical development of the company's ophthalmic therapies for wet and dry age-related macular degeneration, including its anti-PDGF and anti-C5 aptamer programmes. Ophthotech had been formed in 2007 by former Eyetech executives David Guyer and Samir Patel and had raised a USD 36 million Series A in August 2007. The company, later renamed IVERIC bio, developed treatments for retinal disease and was acquired by Astellas in 2023.
Aug 2007Series ASV Health Investors (lead); Novo Holdings; HBM Healthcare Investments$36MOphthotech announced a USD 36 million Series A financing in August 2007, led by SV Life Sciences with HBM BioVentures and Novo A/S participating. The company was formed by David Guyer and Samir Patel, former senior managers of Eyetech Pharmaceuticals, and is based in Princeton, New Jersey. Alongside the financing it in-licensed anti-C5 aptamers from Archemix and the anti-PDGF aptamer programme from OSI Pharmaceuticals, both aimed at wet and dry age-related macular degeneration. The board comprised Henry Simon of SV Life Sciences, Axel Bolte of HBM BioVentures, Thomas Dyrberg of Novo A/S, Guyer as chairman and Patel. The company, later renamed IVERIC bio, was acquired by Astellas in 2023.

Who has invested in IVERIC bio?

4 investors have backed IVERIC bio across its funding rounds, including Novo Holdings, HBM Healthcare Investments, SV Health Investors and Clarus Ventures.

Lead investors include Novo Holdings, Clarus Ventures and SV Health Investors.


IVERIC bio Investors

Investors in IVERIC bio by funding rounds participated
InvestorHQRoundsRoleFirst check
Novo HoldingsDenmarkCopenhagen3LeadAug 2007
SV Health InvestorsUnited StatesBoston, MA3LeadAug 2007

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IVERIC bio Competitors

IVERIC bio competitors include listed companies like Shanghai Allist, Abbott India, Veradermics and Scholar Rock, and private ones like Biocon Biologics and LEO Pharma.

Public and private companies comparable to IVERIC bio
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Shanghai AllistChinaChinaPublicly listed$778M$380M$5.9B5.4x
Abbott IndiaIndiaIndiaPublicly listed$736M$203M$5.9B7.4x
VeradermicsUnited StatesUnited StatesPublicly listed-($72M)$5.8B-
Scholar RockUnited StatesUnited StatesPublicly listed-($383M)$5.7B1139.8x
Biocon BiologicsIndiaBangalorePrivate$1.1B$163M$5.5B5.1x
LEO PharmaDenmarkCopenhagenPrivate-$301M$4.2B-

IVERIC bio Public Comps

IVERIC bio is no longer listed, but its public comps include Shanghai Allist, Abbott India, Veradermics, Scholar Rock, Mirum Pharmaceuticals, Ligand Pharmaceuticals, Apotex Health, Belite Bio, Kodiak Sciences and Gland Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Shanghai Allist$778M$380M6.9x5.4x14.0x11.4x
Abbott India$736M$203M7.8x7.4x28.1x26.7x
Veradermics-($72M)--(69.6x)(43.6x)
Scholar Rock-($383M)-1139.8x(14.2x)(12.7x)
Mirum Pharmaceuticals$521M$4M12.4x9.4x1448.6x(8.5x)
Ligand Pharmaceuticals$268M$184M25.4x23.6x37.0x43.6x
Apotex Health$2.5B$647M3.0x3.1x11.7x9.4x
Belite Bio-($84M)--(74.1x)(48.0x)

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Common questions about IVERIC bio

When was IVERIC bio founded?IVERIC bio was founded in 2007.
Where is IVERIC bio headquartered?IVERIC bio is headquartered in Princeton, NJ, United States.
Is IVERIC bio publicly listed?No, IVERIC bio was acquired by Astellas Pharma in April 2023.
Who acquired IVERIC bio?IVERIC bio was acquired by Astellas Pharma in April 2023.
How much was IVERIC bio acquired for?IVERIC bio was acquired for $5.9B in April 2023.
How much funding has IVERIC bio raised?IVERIC bio has raised $116M across 3 funding rounds.
What was IVERIC bio's last funding round?IVERIC bio's last funding round was a $50M Series C in May 2013, led by Novo Holdings.
Who are IVERIC bio's investors?IVERIC bio's investors include Novo Holdings, SV Health Investors, HBM Healthcare Investments and Clarus Ventures.
Which companies are comparable to IVERIC bio?Companies comparable to IVERIC bio include Shanghai Allist, Abbott India, Veradermics, Scholar Rock, Biocon Biologics and LEO Pharma.

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