Modifi Bio Acquisition, Valuation, Funding & Investors

Modifi Bio was acquired by Merck for $1.3B in October 2024.

Modifi Bio acquisition price

$1.3B

Acquired by Merck · Oct 2024

Cumulative funding Modifi Bio raised

$11M

across 2 funding rounds

Key investors in Modifi Bio

  • Connecticut Innovations
  • HighCape Partners
  • Ironwood Capital
  • National Brain Tumor Society
  • BrightEdge Fund
  • Pathway Bioventures
  • Yale Ventures
  • Sontag Family Trust

Modifi Bio Overview

About Modifi Bio

Modifi Biosciences is a Cambridge-based biotechnology firm engineering direct DNA-modifying agents for oncology. Its platform targets cancer cell genomes with precise epigenetic editors, inducing irreparable damage selectively in tumors while sparing healthy tissue. Founded in 2020, the company advances small-molecule therapeutics through partnerships with academic institutions. Modifi Biosciences disrupts conventional chemotherapy by enabling novel mechanisms that rewrite tumor DNA, positioning it as a leader in precision oncology for solid tumors.


Founded

2021

HQ

United StatesNew Haven, CT

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$1.3B (acquired Oct 2024)

Modifi Bio Acquisition

Modifi Bio was acquired by Merck for $1.3B on 23 October 2024.

Before the acquisition Modifi Bio had raised $11M across 2 funding rounds.

Modifi Biosciences, a Yale University spinout founded in 2021, develops small-molecule cancer therapeutics that directly modify DNA to target tumors lacking O6-methylguanine methyl transferase (MGMT), a key DNA repair protein. The company's lead asset, MOD-246, addresses glioblastoma (GBM) and other refractory cancers with DNA repair defects, validated by preclinical data in patient-derived xenograft models and a 2022 Science publication from founders Ranjit S. Bindra and Seth Herzon. Modifi struggled with venture funding due to GBM's rarity and market challenges but secured seed investments from organizations like the American Cancer Society’s BrightEdge, The Sontag Foundation, and National Brain Tumor Society. Merck, through a subsidiary, acquired all outstanding shares of Modifi Biosciences for $30 million upfront on October 23, 2024, with Modifi shareholders eligible for up to $1.3 billion in milestone payments tied to clinical trials and regulatory approvals. The deal positions Modifi as a wholly owned Merck subsidiary, with Bindra consulting on transition and clinical development, including IND-enabling studies for MOD-246 aiming for clinic entry by late 2025. Merck views the approach as innovative for overcoming therapy resistance in DNA repair-deficient cancers like GBM, which has a 5% five-year survival rate. Strategic rationale centers on Merck's oncology expertise to advance Modifi's high-risk, high-reward asset amid GBM's unmet need and history of failures, following Merck's larger acquisitions like Prometheus Biosciences ($10.8 billion, 2023) and Harpoon Therapeutics ($680 million, 2024). Bindra noted Merck's enthusiasm for GBM contrasted with venture capitalists' reluctance, potentially reshaping the treatment landscape.

Modifi Bio acquisition details
AcquirerDateTypePrice
23 Oct 2024Strategic M&A$1.3B

Modifi Bio Funding History

Modifi Bio has raised a total of $11M across 2 funding rounds.

Modifi Bio's first fundraising round was a $6M seed round in July 2022. The most recent completed round was a $4M seed round in October 2023.

Modifi Bio funding rounds

Modifi Bio funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2023SeedBrightEdge Fund (lead); Sontag Family Trust; National Brain Tumor Society; Ironwood Capital; Connecticut Innovations; Pathway Bioventures; HighCape Partners$4MModifi Bio raised $4.3 million in a seed round on October 16, 2023, led by BrightEdge Fund with participation from Connecticut Innovations, HighCape Partners, Ironwood Capital, National Brain Tumor Society, Pathway Bioventures, and Sontag Family Trust. The company develops DNA damage repair inhibitors targeting glioblastoma and other cancers. BrightEdge, the American Cancer Society’s venture arm, included Modifi Bio among its 2023 investments in brain cancer treatment as part of efforts to address unmet needs in cancer care.
Jul 2022SeedYale Ventures; National Brain Tumor Society; Ironwood Capital; Connecticut Innovations; HighCape Partners$6MModifi Biosciences develops DNA modification therapies targeting DNA repair defects in cancer, spun out of Yale University in 2021. The company closed a $6.4M seed round in April 2022 with investors including Connecticut Innovations, HighCape Partners, Ironwood Capital, National Brain Tumor Society, and Yale Ventures, followed by a $2.4M SBIR Fast-Track Phase I/II award in August 2022 and an additional $4.3M seed extension, bringing total funding to $10.7M. Funds supported advancement of lead molecules like MOD016 toward IND-enabling studies planned for 2H 2024, with a focus on HR-defective cancers and innovative biomarkers including liquid biopsies. The company's pipeline includes a first program in MGMT-targeted therapies with in vivo profiling for dose optimization and therapeutic index, alongside a second program targeting ALKBH and HRD cancers showing early positive in vitro data. Modifi exclusively licensed foundational IP from Yale and pursued new chemical entity filings. It planned a Series Seed 2 round of $4M and targeted a $40-60M Series A in 2023-2024 to fund Phase I trials starting in 2025-2026. Modifi was later acquired by Merck on October 23, 2024, for $30M upfront with potential milestones up to $1.3B.

Who has invested in Modifi Bio?

8 investors have backed Modifi Bio across its funding rounds, including Connecticut Innovations, HighCape Partners, Ironwood Capital, National Brain Tumor Society, BrightEdge Fund and Pathway Bioventures.

Lead investors include BrightEdge Fund.


Modifi Bio Investors

Investors in Modifi Bio by funding rounds participated
InvestorHQRoundsRoleFirst check
National Brain Tumor SocietyUnited StatesBoston, MA2ParticipantJul 2022
Ironwood CapitalUnited StatesHartford, CT2ParticipantJul 2022
Connecticut InnovationsUnited StatesHartford, CT2ParticipantJul 2022
HighCape PartnersUnited StatesBaltimore, MD2ParticipantJul 2022
Yale VenturesUnited StatesNew Haven, CT1ParticipantJul 2022
Sontag Family TrustUnited StatesJacksonville, FL1ParticipantOct 2023

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Modifi Bio Competitors

Modifi Bio competitors include listed companies like Maze Therapeutics, Vor Biopharma, Aktis Oncology and GNI Group, and private ones like Brickell Biotech and Kallyope.

Public and private companies comparable to Modifi Bio
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Brickell BiotechUnited StatesMiami, FLPrivate--$1.3B-
Maze TherapeuticsUnited StatesUnited StatesPublicly listed-($140M)$1.3B66.5x
Vor BiopharmaUnited StatesUnited StatesPublicly listed-($699M)$1.3B-
Aktis OncologyUnited StatesUnited StatesPublicly listed$6M($72M)$1.3B61.0x
KallyopeUnited StatesNew York City, NYPrivate--$1.3B-
GNI GroupJapanJapanPublicly listed$173M($15M)$1.3B5.6x

Modifi Bio Public Comps

Modifi Bio is no longer listed, but its public comps include Maze Therapeutics, Vor Biopharma, Aktis Oncology, GNI Group, HBM Holdings, ORIC Pharmaceuticals, Omeros, Celltrion Pharm, Immatics and MeiraGTx.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Maze Therapeutics-($140M)-66.5x(6.8x)(5.6x)
Vor Biopharma-($699M)--(1.2x)(3.6x)
Aktis Oncology$6M($72M)117.6x61.0x(10.6x)-
GNI Group$173M($15M)7.6x5.6x(87.9x)644.2x
HBM Holdings$158M$86M6.7x5.0x12.4x11.2x
ORIC Pharmaceuticals-($128M)--(8.4x)(6.4x)
Omeros-($7M)-15.0x(196.0x)-
Celltrion Pharm$390M$55M3.3x-23.3x-

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Common questions about Modifi Bio

When was Modifi Bio founded?Modifi Bio was founded in 2021.
Where is Modifi Bio headquartered?Modifi Bio is headquartered in New Haven, CT, United States.
Is Modifi Bio publicly listed?No, Modifi Bio was acquired by Merck in October 2024.
Who acquired Modifi Bio?Modifi Bio was acquired by Merck in October 2024.
How much was Modifi Bio acquired for?Modifi Bio was acquired for $1.3B in October 2024.
How much funding has Modifi Bio raised?Modifi Bio has raised $11M across 2 funding rounds.
What was Modifi Bio's last funding round?Modifi Bio's last funding round was a $4M seed round in October 2023, led by BrightEdge Fund.
Who are Modifi Bio's investors?Modifi Bio's investors include National Brain Tumor Society, Ironwood Capital, Connecticut Innovations, HighCape Partners, Yale Ventures, Sontag Family Trust, Pathway Bioventures and BrightEdge Fund.
Which companies are comparable to Modifi Bio?Companies comparable to Modifi Bio include Brickell Biotech, Maze Therapeutics, Vor Biopharma, Aktis Oncology, Kallyope and GNI Group.

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