- Companies
- Orna Therapeutics
Orna Therapeutics Acquisition, Valuation, Funding & Investors
Orna Therapeutics was acquired by Eli Lilly for $2.4B in February 2026.
Cumulative funding Orna Therapeutics raised
$321M
across 3 funding rounds
Key investors in Orna Therapeutics
MPM Capital
M Ventures
Novartis
Bristol-Myers Squibb
Astellas Venture Management
Taiho Ventures
F2 Ventures
The Pags Group
About Orna Therapeutics
Orna Therapeutics is a Cambridge, Massachusetts-based biotechnology company developing fully engineered circular RNA (oRNA) therapies delivered via lipid nanoparticles, targeting cancer, genetic disorders, infectious diseases, and vaccines. Founded in 2019 by MPM Capital and BioImpact Capital based on MIT research, the company's lead programs include in situ CAR (isCAR) therapies that engineer immune cells such as T cells, NK cells, and macrophages directly in the body, offering a potentially simpler alternative to ex vivo cell therapies. Orna has formed a broad collaboration with Merck to discover, develop, and commercialize oRNA-based therapeutics and vaccines in oncology and infectious disease.
Founded
2019
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$1.5B (Aug 2022)
Sectors
Orna Therapeutics Acquisition
Orna Therapeutics was acquired by Eli Lilly for $2.4B on 9 February 2026.
Before the acquisition Orna Therapeutics had raised $321M across 3 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 9 Feb 2026 | Strategic M&A | $2.4B |
Orna Therapeutics Valuation
Orna Therapeutics is currently valued at $1.5B, based on its Series B in August 2022.
The $221M round was led by M Ventures, with participation from MPM Capital and BioImpact.
Orna Therapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2022 | Series B | $1.5B |
Orna Therapeutics Funding History
Orna Therapeutics has raised a total of $321M across 3 funding rounds.
Orna Therapeutics' first fundraising round was a $20M seed round in January 2020. The most recent completed round was a $221M Series B in August 2022.
Orna Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | Series B | M Ventures (lead); MPM Capital; BioImpact | $221M | $1.5B | Orna Therapeutics, a Cambridge, Mass.-based biotechnology company founded in 2019 by MPM Capital and BioImpact Capital, develops fully engineered circular RNA (oRNA) therapies delivered via lipid nanoparticles (LNP) for cancer, genetic disorders, infectious diseases, and vaccines. The company announced the initial closing of its $221 million Series B financing on August 16, 2022, receiving approximately $121 million at signing and expecting the remaining $100 million subject to customary closing conditions including Hart-Scott-Rodino regulatory approval. Merck participated as a new investor alongside founding investors MPM Capital and BioImpact Capital, with proceeds aimed at advancing the oRNA-LNP platform, the lead in situ CAR (isCAR) oncology program toward clinical trials in 2024, building manufacturing capabilities, and expanding a preclinical and clinical pipeline via a joint venture with ReNAgade Therapeutics. Simultaneously, Orna entered a broad collaboration with Merck to discover, develop, and commercialize multiple therapeutics and vaccines in oncology and infectious diseases using oRNA technology, which offers greater in vivo stability, higher protein expression, and compact LNP packaging compared to linear mRNA. Under the deal terms, Merck provided a $150 million upfront payment—part of which contributed to the Series B—and invested $100 million in the financing round, with Orna eligible for up to $3.5 billion in downstream development, regulatory, and sales milestones plus royalties on approved products. Orna retains rights to its oRNA-LNP platform and continues advancing wholly owned programs in oncology and genetic diseases. Preclinical data presented by Orna demonstrated oRNA's potential, including tumor suppression and eradication in animal models for its lead isCAR program, suggesting superiority over traditional cell therapies. The company had secured $321 million in total funding since inception, positioning it among peers like Laronde in the emerging circular RNA space. CEO Tom Barnes highlighted the financing and Merck partnership as validation of the technology's promise to revolutionize RNA therapeutics, with Merck gaining expertise in nucleic acid biology, clinical development, and manufacturing. |
| Feb 2021 | Series A | F2 Ventures (lead); MPM Capital (lead); Taiho Ventures (lead); The Pags Group; Kite Pharma; Novartis; Bristol-Myers Squibb; Astellas Venture Management | $80M | - | Orna Therapeutics is a biotechnology company developing fully engineered circular RNA therapeutics (oRNAs) based on research from MIT, aiming to treat cancer, autoimmune, and genetic disorders by overcoming limitations of linear mRNA with advantages in production, delivery, protein expression, and cost-efficiency. The company launched with an $80 million Series A financing on February 24, 2021, co-led by F2 Ventures, MPM Capital, and Taiho Ventures, with participation from strategic investors including Astellas Venture Management, Bristol-Myers Squibb, Kite Pharma (Gilead), Novartis Institutes for Biomedical Research, and The PAGS Group; this brought total funding to over $100 million including prior seed capital. The proceeds will advance initial programs to IND enablement, expand the oRNA platform, and support new facilities in Cambridge, Massachusetts. Orna's lead efforts include in situ CAR therapies delivered via lipid nanoparticles to immune cells like T cells, NK cells, and macrophages, potentially simplifying treatments compared to ex vivo cell therapies, while also exploring large protein expression for gene therapy alternatives. the company progressed to a $221 million Series B in August 2022. |
| Jan 2020 | Seed | MPM Capital (lead) | $20M | - | Orna Therapeutics, founded in 2019 by MPM Capital and BioImpact Capital based on MIT research by Alex Wesselhoeft and Daniel G. Anderson, develops fully engineered circular RNA therapies (oRNA) with lipid nanoparticle delivery to treat cancer, autoimmune, genetic disorders, infectious diseases, and more. The company launched publicly with an $80 million Series A financing announced on February 24, 2021, co-led by MPM Capital, Taiho Ventures, and F2 Ventures, with participation from Kite (Gilead), Bristol Myers Squibb, Astellas, Novartis, and PAGS Group. This followed initial seed funding in 2019 from MPM, BioImpact, and UBS Oncology Impact Fund. Orna's platform advances oRNA, which self-circularizes from linear RNA, offering advantages over linear mRNA. The Series A funded IND-enabling studies, platform development, and expansion in Cambridge, MA. In August 2022, Orna raised $221 million in Series B financing (initial $121M closed, remainder pending HSR approval), with Merck investing $100M alongside MPM and BioImpact; this valued the company over $1.5 billion. Merck also entered a $3.75B collaboration for vaccines and oncology programs, providing $150M upfront plus milestones and royalties. Orna formed a joint venture with ReNAgade Therapeutics (also by MPM/BioImpact) for LNP delivery. Later developments include partnerships with Vertex for gene-editing in sickle cell and beta thalassemia, Simnova for oncology in China, and acquisition by Eli Lilly in 2026 for up to $2.4B focused on in vivo CAR-T for autoimmune diseases. |
Who has invested in Orna Therapeutics?
10 investors have backed Orna Therapeutics across its funding rounds, including MPM Capital, M Ventures, Novartis, Bristol-Myers Squibb, Astellas Venture Management and Taiho Ventures.
Lead investors include M Ventures, F2 Ventures, MPM Capital and Taiho Ventures.
Orna Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jan 2020 | ||
| 1 | Lead | Aug 2022 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Lead | Feb 2021 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Feb 2021 | ||
This data is available for Pro users. Sign up to see all 10 Orna Therapeutics 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 TrialAcquisitions by Orna Therapeutics
Orna Therapeutics has acquired 1 company to date.
Last acquisition by Orna Therapeutics was on May 23rd 2024. Orna Therapeutics acquired ReNAgade Therapeutics for undisclosed valuation.
Latest Acquisitions by Orna Therapeutics
| Description | ReNAgade Therapeutics is a Boston-headquartered biotechnology company engineering RNA-based therapeutics for genetic diseases and oncology. Its platform delivers coding RNAs, editors, and gene insertion payloads using lipid nanoparticles for liver and extra-hepatic tissues. The firm raised Series A funding in 2023 to advance lead programs toward clinical trials. |
| HQ Country | |
| HQ City | - |
| Deal Date | 23 May 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Orna Therapeutics acquisitions and their M&A valuation multiples. Start Free Trial | |
Orna Therapeutics Competitors
Orna Therapeutics competitors include listed companies like Bavarian Nordic, ABL Bio, China Res Double-Crane and Nektar Therapeutics, and private ones like Cambrian Biopharma and Sail Biomedicines.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $961M | $383M | $2.4B | 2.2x | ||
| Publicly listed | $58M | ($27M) | $2.4B | 32.0x | ||
| Publicly listed | $1.6B | $404M | $2.4B | 1.4x | ||
| Publicly listed | $55M | ($139M) | $2.3B | 37.8x | ||
| Private | - | - | $2.5B | - | ||
| Private | - | - | $2.6B | - |
Orna Therapeutics Public Comps
Orna Therapeutics is no longer listed, but its public comps include Bavarian Nordic, ABL Bio, China Res Double-Crane, Nektar Therapeutics, Vera Therapeutics, Mineralys Therapeutics, SELLAS Life Sciences, Granules India, Viridian Therapeutics and ACROBiosystems.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $961M | $383M | 2.1x | 2.2x | 5.2x | 6.7x | |||
| $58M | ($27M) | 39.6x | 32.0x | (86.3x) | (45.8x) | |||
| $1.6B | $404M | 1.4x | 1.4x | 5.8x | 6.0x | |||
| $55M | ($139M) | 31.3x | 37.8x | (12.5x) | (8.2x) | |||
| - | ($316M) | - | 115.4x | (6.5x) | (4.8x) | |||
| - | ($171M) | - | - | (10.6x) | (5.7x) | |||
| - | ($28M) | - | - | (77.5x) | - | |||
| $557M | $119M | 4.6x | 4.2x | 21.2x | 18.4x | |||
This data is available for Pro users. Sign up to see all Orna Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Orna Therapeutics
| When was Orna Therapeutics founded? | Orna Therapeutics was founded in 2019. |
| Where is Orna Therapeutics headquartered? | Orna Therapeutics is headquartered in United States. |
| Is Orna Therapeutics publicly listed? | No, Orna Therapeutics was acquired by Eli Lilly in February 2026. |
| Who acquired Orna Therapeutics? | Orna Therapeutics was acquired by Eli Lilly in February 2026. |
| How much was Orna Therapeutics acquired for? | Orna Therapeutics was acquired for $2.4B in February 2026. |
| What is Orna Therapeutics' valuation? | Orna Therapeutics was last valued at $1.5B in its Series B in August 2022. |
| How much funding has Orna Therapeutics raised? | Orna Therapeutics has raised $321M across 3 funding rounds. |
| What was Orna Therapeutics' last funding round? | Orna Therapeutics' last funding round was a $221M Series B in August 2022, led by M Ventures. |
| Who are Orna Therapeutics' investors? | Orna Therapeutics' investors include MPM Capital, M Ventures, The Pags Group, Taiho Ventures, Kite Pharma, Novartis, Bristol-Myers Squibb, Astellas Venture Management, BioImpact and F2 Ventures. |
| Which companies are comparable to Orna Therapeutics? | Companies comparable to Orna Therapeutics include Bavarian Nordic, ABL Bio, China Res Double-Crane, Nektar Therapeutics, Cambrian Biopharma and Sail Biomedicines. |
| How many companies has Orna Therapeutics acquired? | Orna Therapeutics has acquired 1 company, including ReNAgade Therapeutics. |
See companies similar to Orna Therapeutics
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




