- Companies
- Mariana Oncology
Mariana Oncology Acquisition, Valuation, Funding & Investors
Mariana Oncology was acquired by Novartis for $1B in May 2024.
Cumulative funding Mariana Oncology raised
$250M
across 2 funding rounds
Key investors in Mariana Oncology
RA Capital Management
Access Biotechnology
Atlas Ventures
Eli Lilly
Forbion Capital Partners
Surveyor Capital
Nextech Invest
Deep Track Capital
About Mariana Oncology
Mariana Oncology is a San Francisco-based clinical-stage biotechnology company engineering actinium-based radiopharmaceuticals for solid tumor treatment. Its platform targets cancer-specific biomarkers to deliver targeted alpha therapy with minimized off-target effects. Lead programs address prostate cancer and neuroendocrine tumors through partnerships with isotope suppliers. The company advanced its pipeline into Phase 1 trials following preclinical data presented at oncology conferences.
Founded
2021
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (acquired May 2024)
Sectors
Mariana Oncology Acquisition
Mariana Oncology was acquired by Novartis for $1B on 2 May 2024.
Before the acquisition Mariana Oncology had raised $250M across 2 funding rounds.
Mariana Oncology, a preclinical-stage biotechnology company based in Watertown, Massachusetts, develops novel targeted peptide-based radioligand therapies (RLTs) designed to maximize tumor penetration and minimize toxicity for solid tumor cancers including breast, prostate, and lung. The company's lead program, MC-339, is an actinium-225-based RLT targeting small cell lung cancer, with plans to enter clinical trials in 2024. Mariana has built a robust portfolio across lead optimization to early development, invested in end-to-end radiopharmaceutical discovery, manufacturing capabilities, isotope supply chain, and novel formulations to extend product shelf-life. Novartis, a Swiss pharmaceutical giant and established leader in radiopharmaceutical commercialization with approved products like Lutathera and Pluvicto, acquired Mariana Oncology in May 2024 for $1 billion upfront plus up to $750 million in milestone payments, subject to customary closing conditions including FTC approval, which closed shortly after announcement. The deal strengthens Novartis' RLT pipeline by adding Mariana's innovative platform, actinium expertise, research infrastructure, and clinical supply capabilities, complementing its internal oncology research, development, and global commercialization strengths. Strategic rationale centers on combining Mariana's pioneering radiopharmaceutical discovery and delivery innovations with Novartis' proven clinical translation and market expertise to advance next-generation RLTs for cancers with high unmet needs. Mariana's CEO Simon Read described it as a 'perfect marriage' amid competitive M&A activity in radiopharma, following Novartis' prior acquisitions like Advanced Accelerator Applications and Endocyte, and recent licensing with PeptiDream. Mariana emerged from stealth with $75 million in 2021 and raised $175 million in Series B financing in 2023 to support pipeline progression.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 2 May 2024 | Strategic M&A | $1B |
Mariana Oncology Funding History
Mariana Oncology has raised a total of $250M across 2 funding rounds.
Mariana Oncology's first fundraising round was a $75M Series A in December 2021. The most recent completed round was a $175M Series B in September 2023.
Mariana Oncology funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2023 | Series B | Deep Track Capital (lead); Forbion Capital Partners (lead); Nextech Invest; Atlas Ventures; Eli Lilly; RA Capital Management; Access Biotechnology; Surveyor Capital | $175M | Mariana Oncology, a Watertown, Massachusetts-based biotechnology company (formerly Curie Therapeutics), develops precision next-generation radiopharmaceuticals designed to target solid tumors more effectively than antibodies, delivering high radiation doses with reduced side effects compared to chemotherapy. The company's lead asset, MC-339, is a peptidic small molecule radiopharmaceutical for small cell lung cancer, expected to enter clinical trials in 2024. Mariana's pipeline focuses on cancers with high unmet needs, differentiating from prostate cancer-focused radiopharmaceuticals. On September 7, 2023, Mariana Oncology closed an oversubscribed $175 million Series B financing co-led by Deep Track Capital and Forbion Capital Partners, with participation from founding investors Atlas Venture, Access Biotechnology, and RA Capital Management, plus new investors Nextech Invest, Surveyor Capital (Citadel), and Eli Lilly and Company. This followed a $75 million Series A in December 2021. Proceeds fund pipeline advancement, GMP manufacturing, and transition to clinical-stage, particularly for MC-339. The round highlights strong investor confidence in Mariana's peptide discovery and radiochemistry expertise, built in 18 months post-Series A. Rebecca Luse from Deep Track joined the board. CEO Simon Read emphasized the syndicate's support for diversified novel molecules. In May 2024, Novartis announced acquisition of Mariana Oncology for $1 billion upfront plus up to $750 million in milestones, combining Mariana's platform with Novartis' development capabilities. No financial metrics like revenue, ARR, EBITDA, or valuation multiples for the Series B appear in announcements. |
| Dec 2021 | Series A | Atlas Ventures; RA Capital Management; Access Biotechnology | $75M | Mariana Oncology, founded in 2021 by Atlas Venture, Access Biotechnology, and RA Capital Management (previously incubated as Curie Therapeutics by Atlas Venture), emerged from stealth with a $75 million Series A financing round on approximately December 1, 2021, led by its founding investors. The Cambridge, Massachusetts-based biotechnology company focuses on developing precision radiopharmaceuticals to treat cancers with high unmet needs, leveraging expertise in peptide discovery and radiochemistry to create novel molecules that deliver alpha or beta radionuclide payloads into solid tumors. Its lead candidate, MC-339, is a peptidic small molecule targeted for small cell lung cancer, designed to minimize damage to healthy tissues. The Series A round provided initial funding to build Mariana Oncology's diversified pipeline of next-generation radiopharmaceuticals, enabling the company to exit stealth and establish operations, including plans for GMP radiopharmaceutical manufacturing capabilities. Following the Series A, Mariana Oncology advanced its pipeline and raised an oversubscribed $175 million Series B in September 2023, co-led by Deep Track Capital and Forbion, with participation from founding investors, Eli Lilly, Surveyor Capital, and Nextech Invest, valuing the company at approximately $311.65 million post-money. The Series B funds supported transition to clinical-stage development, with MC-339 anticipated to enter trials in 2024. In May 2024, Novartis announced acquisition of Mariana Oncology for $1 billion upfront plus up to $750 million in milestones, enhancing its radiopharma portfolio with Mariana's preclinical assets and manufacturing expertise. |
Who has invested in Mariana Oncology?
8 investors have backed Mariana Oncology across its funding rounds, including RA Capital Management, Access Biotechnology, Atlas Ventures, Eli Lilly, Forbion Capital Partners and Surveyor Capital.
Lead investors include Deep Track Capital and Forbion Capital Partners.
Mariana Oncology Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Dec 2021 | ||
| 2 | Participant | Dec 2021 | ||
| 2 | Participant | Dec 2021 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Lead | Sep 2023 | ||
This data is available for Pro users. Sign up to see all 8 Mariana Oncology 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 TrialMariana Oncology Competitors
Mariana Oncology competitors include listed companies like Arbutus Biopharma and Kolon TissueGene, and private ones like BenevolentAI, Immunai, IntraBio and Orca Bio.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $10M | - | $1B | 100.0x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $14M | ($37M) | $1B | 6.8x | ||
| Publicly listed | $4M | ($141M) | $1B | 239.4x |
Mariana Oncology Public Comps
Mariana Oncology is no longer listed, but its public comps include Arbutus Biopharma, Kolon TissueGene, Star Lake Bioscience, SSY Group, Helus Pharma, Alumis, GuangYuYuan Chinese, Vetoquinol, Amphastar Pharma and Adlai Nortye.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $14M | ($37M) | 64.6x | 6.8x | (24.6x) | - | |||
| $4M | ($141M) | 261.1x | 239.4x | (7.0x) | (57.8x) | |||
| $2.4B | $314M | 0.8x | 0.8x | 6.0x | 7.3x | |||
| $530M | $144M | 2.5x | - | 9.2x | - | |||
| - | ($153M) | - | - | (5.4x) | (4.8x) | |||
| $24M | ($263M) | 22.6x | 47.6x | (2.1x) | (1.5x) | |||
| $204M | $23M | 4.5x | - | 40.5x | - | |||
| $605M | $127M | 1.3x | 1.3x | 5.9x | 5.9x | |||
This data is available for Pro users. Sign up to see all Mariana Oncology competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mariana Oncology
| When was Mariana Oncology founded? | Mariana Oncology was founded in 2021. |
| Where is Mariana Oncology headquartered? | Mariana Oncology is headquartered in Boston, MA, United States. |
| Is Mariana Oncology publicly listed? | No, Mariana Oncology was acquired by Novartis in May 2024. |
| Who acquired Mariana Oncology? | Mariana Oncology was acquired by Novartis in May 2024. |
| How much was Mariana Oncology acquired for? | Mariana Oncology was acquired for $1B in May 2024. |
| How much funding has Mariana Oncology raised? | Mariana Oncology has raised $250M across 2 funding rounds. |
| What was Mariana Oncology's last funding round? | Mariana Oncology's last funding round was a $175M Series B in September 2023, led by Deep Track Capital and Forbion Capital Partners. |
| Who are Mariana Oncology's investors? | Mariana Oncology's investors include Atlas Ventures, RA Capital Management, Access Biotechnology, Nextech Invest, Eli Lilly, Deep Track Capital, Forbion Capital Partners and Surveyor Capital. |
| Which companies are comparable to Mariana Oncology? | Companies comparable to Mariana Oncology include BenevolentAI, Immunai, IntraBio, Orca Bio, Arbutus Biopharma and Kolon TissueGene. |
See companies similar to Mariana Oncology
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




