NGM Biopharmaceuticals Revenue, Valuation, Funding & Investors
NGM Biopharmaceuticals is valued at $707M as of March 2015.
Last NGM Biopharmaceuticals valuation
$707M
Series E · Mar 2015
Last NGM Biopharmaceuticals funding round
$122M
Series A · Jul 2024
NGM Biopharmaceuticals revenue
$4M
Series E · Mar 2015
Key investors in NGM Biopharmaceuticals
The Column Group
Topspin Partners
Prospect Venture Partners
Tichenor Ventures
M Ventures
Greenspring Associates
About NGM Biopharmaceuticals
NGM Biopharmaceuticals is a South San Francisco-based biotech firm discovering protein therapeutics for type 2 diabetes, obesity, and liver diseases based on human genetics and clinical insights. The company targets the gastrointestinal tract to mimic gastric bypass effects and collaborates with Merck on clinical-stage candidates like NGM313 for NASH treatment. Founded in 2008, NGM Biopharmaceuticals advances multiple assets into human trials.
Founded
2007
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Revenue
$4M (Mar 2015)
Valuation
$707M (Mar 2015)
Sectors
NGM Biopharmaceuticals Valuation
NGM Biopharmaceuticals is currently valued at $707M, based on its Series E in March 2015.
The $106M round was led by M Ventures, with participation from Greenspring Associates.
NGM Biopharmaceuticals valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2015 | Series E | $707M | 176.8x |
NGM Biopharmaceuticals Revenue
NGM Biopharmaceuticals' latest recorded revenue is $4M, as of its Series E in March 2015.
NGM Biopharmaceuticals revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2015 | $4M | $707M | 176.8x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
NGM Biopharmaceuticals Funding History
NGM Biopharmaceuticals has raised a total of $336M across 4 funding rounds.
NGM Biopharmaceuticals' first fundraising round was a $50M Series C in July 2013. The most recent completed round was a $122M Series A in July 2024.
NGM Biopharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2024 | Series A | The Column Group (lead) | $122M | - | NGM Biopharmaceuticals, a clinical-stage biopharmaceutical company developing therapeutics for liver and metabolic diseases, gastrointestinal inflammation, and oncology, was taken private in April 2024 through a $135 million buyout by affiliates of The Column Group, its largest shareholder, at $1.55 per share for remaining public shares, representing an 80% premium to recent trading prices. The company had faced challenges including a Phase 2 failure in geographic atrophy in 2022, layoffs of about a third of its workforce (around 75 employees) in April 2023, and shares trading below $1 by end-2023, prompting a strategic review that favored privatization for better capital access and flexibility. As of December 31, 2023, NGM held $144.2 million in cash and equivalents, down from $166 million at September 30, 2023. Three months after going private, in July 2024, NGM raised $122 million in a Series A financing round led by The Column Group with a select group of investors to fund a registrational trial for aldafermin, an engineered FGF19 analog, in primary sclerosing cholangitis (PSC), a rare liver disease with no approved U.S. therapies, and a Phase 2 study for NGM120 in hyperemesis gravidarum (HG), a severe pregnancy-related vomiting condition also lacking treatments. Both trials were planned to start in Q4 2024. The pipeline refocused on these rare disease programs alongside some oncology efforts, following prior cost-cutting measures. The take-private and subsequent Series A reflect The Column Group's ongoing support as NGM's longtime backer, enabling a shift to private status for aligned capital and program advancement without public market pressures. |
| Mar 2015 | Series E | M Ventures (lead); Greenspring Associates | $106M | $707M | NGM Biopharmaceuticals is a private biopharmaceutical company employing a biology-centric approach to develop novel biologics for life-threatening diseases, including its lead compound NGM282 for primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis. In February 2015, Merck announced a broad strategic collaboration with NGM, providing an upfront payment of $94 million and purchasing a 15% equity stake for $106 million at a price per share representing a 20% premium to NGM's most recent financing round. Merck also committed up to $250 million to fund NGM's research efforts over the initial five-year term, combining NGM's drug discovery platform with Merck's clinical and commercialization expertise. This equity investment valued NGM at approximately $706.67 million post-money, as the $106 million for 15% implies a full valuation of that amount. The deal followed NGM's prior fundraising of about $130 million from investors including Takeda Ventures, Rho Ventures, The Column Group, Prospect Ventures, and Tichenor Ventures. Shortly after, around March 2015, NGM closed a $57.5 million Series D round from The Column Group, Prospect Ventures, Topspin Partners, and Tichenor Ventures, bringing total funding to nearly $295 million to advance NGM282 through clinical trials and expand its drug discovery engine. The Merck collaboration and Series D provided resources to grow the team and pursue pipeline expansion while maintaining NGM's drug discovery culture. NGM later pursued an IPO in 2018 with a potential $975 million valuation at the midpoint. |
| Mar 2015 | Series D | The Column Group; Prospect Venture Partners; Topspin Partners; Tichenor Ventures | $58M | - | NGM Biopharmaceuticals, a US-based biotechnology company founded in 2008, develops therapeutics based on novel biology, focusing on areas like bile acid-related diseases and nonalcoholic steatohepatitis. Prior to these rounds, NGM had raised about $130 million from investors including Takeda Ventures, Rho Ventures, The Column Group, Prospect, and Tichenor. In February 2015, it closed a $57.5 million Series D tranche led by Prospect Venture Partners, The Column Group, Topspin Partners, and Tichenor Ventures to strengthen its clinical pipeline and early development programs. This followed a $106 million equity investment from Merck for a 15% stake, part of a broader R&D deal including $94 million upfront and up to $250 million more over five years, bringing total funding near $295 million at that point. A subsequent Series D tranche of $50 million (part of $106 million total) closed on March 25, 2015, led by Merck to advance late-stage clinical development and R&D. The Series D funding, coupled with the Merck collaboration, enabled expansion of its team and pursuit of programs like NGM282, a non-tumorigenic FGF19 protein variant, funding advancement of its lead compound through clinical trials and drug discovery engine development. NGM continued as a clinical-stage biotech, later recognized in FierceBiotech's 2015 Fierce 15 for its progress. |
| Jul 2013 | Series C | Prospect Venture Partners; Topspin Partners; Tichenor Ventures; Solon Mack Capital; Rho Ventures | $50M | - | NGM Biopharmaceuticals, a South San Francisco-based drug discovery company founded in 2008, completed a $50 million Series C financing on July 18, 2013, to advance its portfolio of novel biologics for diabetes, obesity, muscle wasting, and other cardio-metabolic diseases. The round included new investors such as the Topspin Fund (comprising James Simons, Leo A. Guthart, Andy Gyenes, and Steven Winick) and participation from existing backers including Prospect Venture Partners, Rho Ventures, Tichenor Ventures, and The Column Group. This brought total funding since inception to over $130 million, supplemented by non-dilutive capital from collaborations with Daiichi Sankyo, Janssen Pharmaceuticals, MedImmune, and JDRF. The company's platform leverages insights from gastric bypass surgery, where certain genes activate to alleviate diabetes symptoms pre-weight loss, focusing on first-in-class therapeutics targeting metabolic pathways. At the time, NGM was advancing toward IND filings, safety studies, and early clinical work, with leadership including CEO William J. Rieflin and board member Art Levinson, formerly of Genentech. Subsequent rounds included a $57.5M Series D tranche in February 2015 and $106M Series D in March 2015 led by Merck, bringing total funding to $359 million by 2015. |
Who has invested in NGM Biopharmaceuticals?
8 investors have backed NGM Biopharmaceuticals across its funding rounds, including The Column Group, Topspin Partners, Prospect Venture Partners, Tichenor Ventures, M Ventures and Greenspring Associates.
Lead investors include The Column Group and M Ventures.
NGM Biopharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Mar 2015 | |
| San Francisco, CA | 2 | Participant | Jul 2013 | |
| New York City, NY | 2 | Participant | Jul 2013 | |
| Dallas, TX | 2 | Participant | Jul 2013 | |
 Amsterdam | 1 | Lead | Mar 2015 | |
| Baltimore, MD | 1 | Participant | Mar 2015 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialNGM Biopharmaceuticals Competitors
NGM Biopharmaceuticals competitors include listed companies like CHO Pharma, XOMA Royalty, Zevra Therapeutics and Tempo Scan Pacific, and private ones like AdvanCell and Angiocrine Bioscience.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Taiwan | Publicly listed | $45K | ($9M) | $705M | - | |
| United States | Publicly listed | $52M | $11M | $710M | 14.4x | |
| United States | Publicly listed | $106M | $92M | $703M | 3.5x | |
 Indonesia | Publicly listed | $790M | $111M | $712M | - | |
 Sydney | Private | - | - | $700M | - | |
| New York City, NY | Private | - | - | $697M | - |
NGM Biopharmaceuticals Public Comps
NGM Biopharmaceuticals is still privately-owned, but its public comps include CHO Pharma, XOMA Royalty, Zevra Therapeutics, Tempo Scan Pacific, Ironwood Pharmaceuticals, Nuvectis Pharma, Sagimet Biosciences, Knight Therapeutics, SK Chemicals and Genfit.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $45K | ($9M) | 14338.3x | - | (68.6x) | - | |||
| $52M | $11M | 14.4x | 14.4x | 65.7x | 65.7x | |||
| $106M | $92M | 4.5x | 3.5x | 5.3x | 9.5x | |||
| $790M | $111M | 0.6x | - | 4.5x | - | |||
| $296M | $101M | 3.4x | 2.4x | 10.1x | 3.6x | |||
| - | ($28M) | - | - | (24.5x) | (23.3x) | |||
| - | ($57M) | - | - | (8.0x) | - | |||
| $323M | $39M | 2.0x | 1.8x | 17.0x | 11.3x | |||
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Common questions about NGM Biopharmaceuticals
| When was NGM Biopharmaceuticals founded? | NGM Biopharmaceuticals was founded in 2007. |
| Where is NGM Biopharmaceuticals headquartered? | NGM Biopharmaceuticals is headquartered in San Francisco, CA, United States. |
| Is NGM Biopharmaceuticals publicly listed? | No, NGM Biopharmaceuticals is a private, VC-backed company. |
| What is NGM Biopharmaceuticals' valuation? | NGM Biopharmaceuticals was last valued at $707M in its Series E in March 2015. |
| How much funding has NGM Biopharmaceuticals raised? | NGM Biopharmaceuticals has raised $336M across 4 funding rounds. |
| What was NGM Biopharmaceuticals' last funding round? | NGM Biopharmaceuticals' last funding round was a $122M Series A in July 2024, led by The Column Group. |
| Who are NGM Biopharmaceuticals' investors? | NGM Biopharmaceuticals' investors include The Column Group, Prospect Venture Partners, Topspin Partners, Tichenor Ventures, M Ventures, Greenspring Associates, Solon Mack Capital and Rho Ventures. |
| What is NGM Biopharmaceuticals' revenue? | NGM Biopharmaceuticals' latest recorded revenue is $4M (March 2015). |
| Which companies are comparable to NGM Biopharmaceuticals? | Companies comparable to NGM Biopharmaceuticals include CHO Pharma, XOMA Royalty, Zevra Therapeutics, Tempo Scan Pacific, AdvanCell and Angiocrine Bioscience. |
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