Kate Therapeutics Acquisition, Valuation, Funding & Investors

Kate Therapeutics was acquired by Novartis for $1.1B in November 2024.

Kate Therapeutics acquisition price

$1.1B

Acquired by Novartis · Nov 2024

Cumulative funding Kate Therapeutics raised

$73M

across 2 funding rounds

Key investors in Kate Therapeutics

  • OUP (Osage University Partners)
  • Versant Ventures
  • Westlake Village BioPartners
  • UF Innovate Ventures

Kate Therapeutics Overview

About Kate Therapeutics

Kate Therapeutics is a Boston-based biotechnology firm developing AAV gene therapies for muscle and heart diseases like PKP2 cardiomyopathy and LGMD2B. Its platforms enhance tissue-specific delivery and transgene regulation using proprietary capsids. Headquartered in Massachusetts, the company advances preclinical candidates toward clinical trials for rare genetic disorders.


Founded

2020

HQ

United StatesSan Diego, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.1B (acquired Nov 2024)

Kate Therapeutics Acquisition

Kate Therapeutics was acquired by Novartis for $1.1B on 21 November 2024.

Before the acquisition Kate Therapeutics had raised $73M across 2 funding rounds.

Kate Therapeutics, a San Diego-based biotech founded in 2020, develops gene therapies for inherited neuromuscular diseases using its proprietary DELIVER capsid engineering platform, which evolves adeno-associated virus capsids for potent, selective delivery to skeletal muscle and cardiac tissue while de-targeting the liver, and cargo technology for improved tissue targeting. The company's preclinical pipeline targets Duchenne muscular dystrophy (DMD), facioscapulohumeral muscular dystrophy (FSHD), myotonic dystrophy type 1 (DM1), and heart diseases. This technology originated from research at the Broad Institute of MIT and Harvard led by co-founder and CSO Sharif Tabebordbar. Novartis, a Swiss pharmaceutical giant with established gene therapy leadership via Zolgensma for spinal muscular atrophy, acquired Kate Therapeutics on November 21, 2024, in a deal valued at up to $1.1 billion, comprising an undisclosed upfront cash payment substantially exceeding Kate's $51 million Series A from 2023 and contingent milestone payments. The acquisition bolsters Novartis' neuroscience and gene therapy priorities, complementing internal efforts amid peers' muscular dystrophy setbacks and a projected $55 billion cell and gene therapy market by 2030, while adding talent and platforms to address limitations in existing therapies. Novartis CEO noted competitive dynamics in DMD, positioning Kate as a rival to Sarepta's offerings. Novartis presidents Fiona Marshall (Biomedical Research) and Robert Baloh (Neuroscience Research) highlighted Kate's rigorous science to advance options for neuromuscular patients, integrating with recent deals like the $745 million Ratio Therapeutics license and prior $500 million DTx Pharma buyout, amid 19% neuroscience sales growth from Kesimpta.

Kate Therapeutics acquisition details
AcquirerDateTypePrice
21 Nov 2024PE buyout$1.1B

Kate Therapeutics Funding History

Kate Therapeutics has raised a total of $73M across 2 funding rounds.

Kate Therapeutics' first fundraising round was a $51M Series A in June 2023. The most recent completed round was a $22M Series B in August 2024.

Kate Therapeutics funding rounds

Kate Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2024Series B-$22MKate Therapeutics, a San Diego-based preclinical-stage biotechnology company, specializes in developing adeno-associated virus (AAV)-based gene therapies for neuromuscular and cardiovascular diseases. The company's pipeline includes lead candidates KT430 (co-developed with Astellas for X-linked myotubular myopathy), KT809 for Duchenne muscular dystrophy, and discovery programs targeting facioscapulohumeral dystrophy, myotonic dystrophy type 1, and cardiomyopathy. Kate was founded in 2023 with a Series A funding round of $40–51 million in June 2023 and subsequently raised a Series B of $21 million in August 2024. The company leverages proprietary platform technologies including its DELIVER capsid engineering platform and Cargo technology, which enable muscle-tropic and cardiac-tropic gene delivery while minimizing liver off-targeting. In October 2024, Kate Therapeutics was acquired by Novartis for up to $1.1 billion, comprising $427 million in upfront cash and potential milestone payments of up to $700 million. The acquisition reflects Novartis' strategy to expand its pipeline in gene therapy and cell therapy, with focus on rare neuromuscular disorders.
Jun 2023Series AVersant Ventures (lead); Westlake Village BioPartners (lead); UF Innovate Ventures; OUP (Osage University Partners)$51MKate Therapeutics is a San Diego-based gene therapy company founded in 2023, focusing on AAV-based therapies for genetically defined muscle and heart diseases, including Duchenne muscular dystrophy, facioscapulohumeral dystrophy, and X-linked myotubular myopathy. The company had been active in stealth since early 2022, with conference presentations by CSO Sharif Tabebordbar. Founders Kevin Forrest, Sharif Tabebordbar, and Mark Fielden bring extensive experience from prior roles at Roche, Expansion Therapeutics, and Cidara Therapeutics. The company emerged from stealth mode with a $51 million Series A funding round on June 8, 2023, co-led by Versant Ventures and Westlake Village BioPartners, with participation from Osage University Partners (OUP) and UF Innovate Ventures. The Series A round provided initial capital to advance Kate's proprietary DELIVER capsid engineering platform, which improves precision and efficacy in gene therapy delivery for neuromuscular disorders. Key programs include KT430, co-developed under an exclusive license agreement with Astellas Pharma announced alongside the financing. Kate Therapeutics was later acquired by Novartis on November 21, 2024, in a deal worth up to $1.1 billion including upfront and milestone payments, granting Novartis access to its gene therapy platform and pipeline.

Who has invested in Kate Therapeutics?

4 investors have backed Kate Therapeutics across its funding rounds, including OUP (Osage University Partners), Versant Ventures, Westlake Village BioPartners and UF Innovate Ventures.

Lead investors include Versant Ventures and Westlake Village BioPartners.


Kate Therapeutics Investors

Investors in Kate Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
UF Innovate VenturesUnited StatesNew York City, NY1ParticipantJun 2023
Versant VenturesUnited StatesSan Francisco, CA1LeadJun 2023

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Kate Therapeutics Competitors

Kate Therapeutics competitors include listed companies like Philogen, CStone Pharmaceuticals, Ribolia and Jade Biosciences, and private ones like Letu and Formation Bio.

Public and private companies comparable to Kate Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PhilogenItalyItalyPublicly listed$362M$303M$1.1B5.9x
CStone PharmaceuticalsChinaChinaPublicly listed$40M($56M)$1.1B16.3x
RiboliaChinaChinaPublicly listed$22M($32M)$1.1B15.7x
LetuChinaShenzhenPrivate--$1.1B-
Jade BiosciencesUnited StatesUnited StatesPublicly listed-($135M)$1.1B-
Formation BioUnited StatesNew York City, NYPrivate--$1B-

Kate Therapeutics Public Comps

Kate Therapeutics is no longer listed, but its public comps include Philogen, CStone Pharmaceuticals, Ribolia, Jade Biosciences, Savara, Odyssey Therapeutics, Kissei Pharmaceutical, Obsidian Therapeutics, Blue Jet Healthcare and Monte Rosa Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Philogen$362M$303M1.9x5.9x2.2x11.0x
CStone Pharmaceuticals$40M($56M)22.8x16.3x(16.3x)(15.1x)
Ribolia$22M($32M)39.3x15.7x(26.9x)(39.5x)
Jade Biosciences-($135M)--(4.7x)-
Savara-($123M)-505.5x(7.9x)-
Odyssey Therapeutics$3M($151M)279.0x973.1x(5.5x)(4.8x)
Kissei Pharmaceutical$626M$138M1.2x1.2x5.5x17.2x
Obsidian Therapeutics-($104M)--(13.0x)-

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Common questions about Kate Therapeutics

When was Kate Therapeutics founded?Kate Therapeutics was founded in 2020.
Where is Kate Therapeutics headquartered?Kate Therapeutics is headquartered in San Diego, CA, United States.
Is Kate Therapeutics publicly listed?No, Kate Therapeutics was acquired by Novartis in November 2024.
Who acquired Kate Therapeutics?Kate Therapeutics was acquired by Novartis in November 2024.
How much was Kate Therapeutics acquired for?Kate Therapeutics was acquired for $1.1B in November 2024.
How much funding has Kate Therapeutics raised?Kate Therapeutics has raised $73M across 2 funding rounds.
What was Kate Therapeutics' last funding round?Kate Therapeutics' last funding round was a $22M Series B in August 2024.
Who are Kate Therapeutics' investors?Kate Therapeutics' investors include UF Innovate Ventures, Versant Ventures, Westlake Village BioPartners and OUP (Osage University Partners).
Which companies are comparable to Kate Therapeutics?Companies comparable to Kate Therapeutics include Philogen, CStone Pharmaceuticals, Ribolia, Letu, Jade Biosciences and Formation Bio.

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