Jnana Therapeutics Acquisition, Valuation, Funding & Investors

Jnana Therapeutics was acquired by Otsuka America for $800M in August 2024.

Jnana Therapeutics acquisition price

$800M

Acquired by Otsuka America · Aug 2024

Cumulative funding Jnana Therapeutics raised

$207M

across 3 funding rounds

Key investors in Jnana Therapeutics

  • Polaris Partners
  • Versant Ventures
  • Avalon Ventures
  • AbbVie
  • RA Capital Management
  • Pfizer Venture Investments
  • Bain Capital
  • Pfizer R&D Innovate

Jnana Therapeutics Overview

About Jnana Therapeutics

Jnana Therapeutics is a Boston-based biotechnology company utilizing its RAPID chemoproteomics platform to discover small molecule drugs for diseases like rheumatoid arthritis and oncology. The firm identifies undruggable targets, advancing multiple candidates into preclinical stages. Jnana Therapeutics collaborates with Pfizer and Eli Lilly, raising over $200 million in funding since 2019.


Founded

2017

HQ

United StatesBoston, MA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$135M (Dec 2017)

Jnana Therapeutics Acquisition

Jnana Therapeutics was acquired by Otsuka America for $800M on 1 August 2024.

Before the acquisition Jnana Therapeutics had raised $207M across 3 funding rounds.

Jnana Therapeutics, a Boston-based biotech founded in 2017, develops a chemoproteomics drug discovery platform targeting hard-to-drug proteins like solute carriers, transcription factors, and signaling scaffolds, with a focus on autoimmune diseases and rare metabolic disorders such as phenylketonuria (PKU). Its lead candidate, JNT-517, is an oral allosteric inhibitor of SLC6A19 that demonstrated proof-of-concept in a Phase 1b/2 trial, earning orphan drug, rare pediatric disease, and PRIME designations from FDA and EMA. Otsuka Pharmaceutical, through its wholly owned subsidiary Otsuka America Inc. (OAI), completed the acquisition of Jnana in late 2024, making it a direct wholly owned subsidiary that continues R&D operations in Boston. The deal structure includes an upfront cash payment of $800 million to Jnana shareholders upon closing, plus up to $325 million in contingent development and regulatory milestones, for a potential total value of $1.125 billion. The transaction, announced August 1, 2024, closed in Q3 fiscal 2024 after shareholder approval and U.S. antitrust clearance, implemented via merger of an OAI special purpose entity into Jnana. Otsuka views Jnana's platform as complementary to its existing technologies, including Astex Pharmaceuticals and Visterra's antibody work, to expand portfolios in rare diseases, autoimmune conditions, and specialty therapeutics. Strategically, the acquisition bolsters Otsuka's Boston R&D presence in a key biocluster, synergizing with its global expansion goals, and positions JNT-517 as a potential first-in-class PKU therapy advancing to Phase 3 in early 2025 amid rising interest in the indication, as evidenced by concurrent FDA filings from competitors like PTC Therapeutics. Jnana had attracted prior investment from AbbVie and Pfizer venture arms, raising $207 million across rounds since inception.

Jnana Therapeutics acquisition details
AcquirerDateTypePrice
  • Otsuka America
1 Aug 2024Strategic M&A$800M

Jnana Therapeutics Valuation

Jnana Therapeutics is currently valued at $135M, based on its Series A in December 2017.

The $50M round was led by Polaris Partners, with participation from Pfizer R&D Innovate, Versant Ventures, AbbVie and Avalon Ventures.

Jnana Therapeutics valuation by funding round

Jnana Therapeutics valuation by funding round
DateStageValuation
Dec 2017Series A$135M

Jnana Therapeutics Funding History

Jnana Therapeutics has raised a total of $207M across 3 funding rounds.

Jnana Therapeutics' first fundraising round was a $50M Series A in December 2017. The most recent completed round was a $107M Series C in November 2022.

Jnana Therapeutics funding rounds

Jnana Therapeutics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2022Series CBain Capital (lead); Pfizer Venture Investments; Polaris Partners; Versant Ventures; AbbVie; RA Capital Management; Avalon Ventures$107M-Jnana Therapeutics is a clinical-stage biotechnology company leveraging its next-generation chemoproteomics RAPID platform to discover medicines for challenging-to-drug targets, including its lead program in phenylketonuria (PKU), a rare genetic metabolic disease, as well as programs in immune-mediated diseases and cancer. On November 15, 2022, the company closed a $107 million Series C financing round led by Bain Capital Life Sciences, with participation from existing investors RA Capital Management, Polaris Partners, Versant Ventures, Avalon Ventures, and Pfizer Ventures. Ron Renaud from Bain Capital Life Sciences joined the board. The proceeds are designated to advance Jnana's wholly owned PKU program, JNT-517, through a clinical proof-of-concept study after dosing first healthy volunteers in phase 1 and receiving rare pediatric disease designation from U.S. regulators. The financing coincides with the initiation of a second collaboration with Roche, providing $50 million upfront and potential milestones exceeding $2 billion for discovery and preclinical work on multiple targets in cancer, immune-mediated diseases, and neurology, following a prior 2020 deal worth up to $1 billion on SLC metabolite transporters. This Series C follows a $50 million Series B more than a year earlier, bolstering Jnana's momentum as it progresses first-in-class candidates from its platform, which uses enhanced chemoproteomics to identify novel drugs. CEO Joanne Kotz emphasized the syndicate's confidence in the platform's potential for breakthrough therapies addressing high unmet needs.
Aug 2021Series BRA Capital Management (lead); Pfizer Venture Investments; Polaris Partners; Versant Ventures; AbbVie; Avalon Ventures$50M-Jnana Therapeutics, a Boston-headquartered biotech startup, raised $50 million in an oversubscribed Series B funding round on August 18, 2021, led by RA Capital Management with participation from AbbVie, Avalon Ventures, Pfizer Venture Investments, Polaris Partners, and Versant Ventures. The company focuses on developing small-molecule therapeutics targeting undruggable proteins using its proprietary Helicon platform, which enables discovery of therapeutics against challenging targets in diseases like inflammation and oncology. This round brought total funding to $75 million following a $25 million Series A in 2019 led by Versant Ventures.
Dec 2017Series APolaris Partners (lead); Pfizer R&D Innovate; Versant Ventures; AbbVie; Avalon Ventures$50M$135MJnana Therapeutics launched in December 2017 as a Boston-based biotechnology company developing a drug discovery platform targeting the solute carrier (SLC) family of transporters, referred to as the cell's metabolic gates, to address diseases involving abnormal metabolite balance such as rare diseases, immune-mediated conditions, and cancer. The company debuted with a $50 million Series A financing round on December 14, 2017, led by Polaris Partners, with participation from seed investors Avalon Ventures, and new investors Versant Ventures, AbbVie Ventures, and Pfizer R&D Innovate. Polaris Partners' Amir Nashat served as CEO and board member, joined by Kevin Kinsella from Avalon Ventures and Carlo Rizzuto from Versant Ventures. The founding team included prominent figures like Stuart Schreiber, co-founder of Vertex, Ariad, and H3 Biomedicine; Ramnik Xavier, chief of Gastroenterology at Massachusetts General Hospital and Harvard professor; Joanne Kotz, previously Director at Broad Institute, as President; and Joel Barrish, former VP and Head of Discovery Chemistry at Bristol-Myers Squibb, as Chief Scientific Officer. Jnana's next-generation chemoproteomics RAPID platform enables small-molecule drug development against underexplored SLC targets, with over 400 family members mostly unstudied despite their therapeutic potential. Subsequent rounds included a Series B in 2021 ($50 million) and Series C in 2022 ($107 million), bringing total funding to $207 million before its acquisition stage.

Who has invested in Jnana Therapeutics?

8 investors have backed Jnana Therapeutics across its funding rounds, including Polaris Partners, Versant Ventures, Avalon Ventures, AbbVie, RA Capital Management and Pfizer Venture Investments.

Lead investors include Bain Capital, RA Capital Management and Polaris Partners.


Jnana Therapeutics Investors

Investors in Jnana Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
Polaris PartnersUnited StatesBoston, MA3LeadDec 2017
Versant VenturesUnited StatesSan Francisco, CA3ParticipantDec 2017
AbbVieUnited StatesChicago, IL3ParticipantDec 2017
Avalon VenturesUnited StatesSan Diego, CA3ParticipantDec 2017
Pfizer Venture InvestmentsUnited StatesNew York City, NY2ParticipantAug 2021
RA Capital ManagementUnited StatesBoston, MA2LeadAug 2021

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Jnana Therapeutics Competitors

Jnana Therapeutics competitors include listed companies like Design Therapeutics, China TCM, Aclaris Therapeutics and Guizhou Sanli, and private ones like Crystalys Therapeutics and Umoja Biopharma.

Public and private companies comparable to Jnana Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Crystalys TherapeuticsUnited StatesSan Diego, CAPrivate--$800M-
Umoja BiopharmaUnited StatesSeattle, WAPrivate--$800M-
Design TherapeuticsUnited StatesUnited StatesPublicly listed-($79M)$802M-
China TCMChinaChinaPublicly listed$2.2B$128M$805M0.4x
Aclaris TherapeuticsUnited StatesUnited StatesPublicly listed$8M($72M)$795M108.5x
Guizhou SanliChinaChinaPublicly listed$254M$22M$794M-

Jnana Therapeutics Public Comps

Jnana Therapeutics is no longer listed, but its public comps include Design Therapeutics, China TCM, Aclaris Therapeutics, Guizhou Sanli, HK inno.N, Climb Bio, Annexon, 4D Molecular Therapeutics, Achieve Life Sciences and BlossomHill Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Design Therapeutics-($79M)--(7.6x)-
China TCM$2.2B$128M0.3x0.4x5.5x6.9x
Aclaris Therapeutics$8M($72M)89.9x108.5x(9.8x)-
Guizhou Sanli$254M$22M3.4x-38.4x-
HK inno.N$774M$109M1.4x1.3x9.6x8.5x
Climb Bio-($68M)--(9.2x)(9.0x)
Annexon-($214M)--(2.8x)(2.7x)
4D Molecular Therapeutics$85M($152M)5.7x14.6x(3.2x)(1.9x)

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Common questions about Jnana Therapeutics

When was Jnana Therapeutics founded?Jnana Therapeutics was founded in 2017.
Where is Jnana Therapeutics headquartered?Jnana Therapeutics is headquartered in Boston, MA, United States.
Is Jnana Therapeutics publicly listed?No, Jnana Therapeutics was acquired by Otsuka America in August 2024.
Who acquired Jnana Therapeutics?Jnana Therapeutics was acquired by Otsuka America in August 2024.
How much was Jnana Therapeutics acquired for?Jnana Therapeutics was acquired for $800M in August 2024.
What is Jnana Therapeutics' valuation?Jnana Therapeutics was last valued at $135M in its Series A in December 2017.
How much funding has Jnana Therapeutics raised?Jnana Therapeutics has raised $207M across 3 funding rounds.
What was Jnana Therapeutics' last funding round?Jnana Therapeutics' last funding round was a $107M Series C in November 2022, led by Bain Capital.
Who are Jnana Therapeutics' investors?Jnana Therapeutics' investors include Polaris Partners, Versant Ventures, AbbVie, Avalon Ventures, Pfizer Venture Investments, RA Capital Management, Pfizer R&D Innovate and Bain Capital.
Which companies are comparable to Jnana Therapeutics?Companies comparable to Jnana Therapeutics include Crystalys Therapeutics, Umoja Biopharma, Design Therapeutics, China TCM, Aclaris Therapeutics and Guizhou Sanli.

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