Plexium Funding, Investors & Competitors

Plexium has raised $225M across 4 funding rounds, most recently a $60M Series C in August 2025.

Last Plexium funding round

$60M

Series C · Aug 2025

Cumulative funding Plexium raised

$225M

across 4 funding rounds

Key investors in Plexium

  • The Column Group
  • DCVC Bio
  • Lux Capital
  • CRV
  • M Ventures
  • Biotechnology Value Fund
  • Neotribe Ventures
  • Pivotal bioVenture Partners

Plexium Overview

About Plexium

Plexium is a San Diego-based biotech advancing targeted protein degradation platforms for oncology and other diseases. Founded in 2019, it discovers molecular glues and monovalent degraders beyond PROTACs, targeting E3 ligases like VHL and IAP. Plexium's DEL-based screening identifies degraders for undruggable targets. The pipeline includes candidates for solid tumors partnered with pharma giants.


Founded

2018

HQ

United StatesSan Diego, CA

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Plexium Funding History

Plexium has raised a total of $225M across 4 funding rounds.

Plexium's first fundraising round was a $28M Series A in October 2019. The most recent completed round was a $60M Series C in August 2025.

Plexium funding rounds

Plexium funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2025Series C-$60MPlexium is a San Diego-based biotech company specializing in next-generation targeted protein degradation, developing monovalent degraders to overcome limitations of PROTACs and cereblon-based approaches. Its proprietary platform identifies small molecules that induce selective degradation of drug targets via E3 ligase-mediated proteasomal degradation, targeting cancers, neurodegeneration, and other diseases. Key pipeline assets include PLX-4545, an oral CRBN molecular glue degrader of IKZF2 that completed a Phase 1 study in healthy volunteers in 2024, showing acceptable safety and T-cell reprogramming effects, and PLX-61639, a SMARCA2 degrader exploiting synthetic lethality in SMARCA4-mutated cancers. On August 25, 2025, Plexium raised $60.1 million in a Series B - II round via an initial SEC filing, following prior fundraising including a $102 million Series B in February 2022, bringing total funding to approximately $225 million across five rounds from 14 investors such as DCVC. The cash infusion supports advancement of its pipeline after completing the PLX-4545 Phase 1 trial and recent layoffs in June 2025 to align resources with development needs while preserving drug discovery capabilities. Plexium had notable 2022 deals: a partnership with Amgen worth up to $500 million (later lost) and a pact with AbbVie.
Feb 2022Series BBiotechnology Value Fund (lead); TCG Crossover (lead)$102M-
Jan 2021Series ALux Capital (lead); Pivotal bioVenture Partners (lead); The Column Group; DCVC Bio$35MPlexium is a biotechnology company developing protein degrading therapeutics, including targeted monovalent degraders and molecular glues, to address challenging drug targets in cancer and other serious diseases. The company operates a TPD (targeted protein degradation) platform. In January 2021, Plexium announced a $35M financing led by Lux Capital and Pivotal bioVenture Partners, with participation from The Column Group, DCVC Bio, and other investors, extending its Series A round from October 2019 to a total of $63M. The funds were intended to advance monovalent degraders through preclinical development and support research into their mechanisms and design principles. Mike Grey, a biotech veteran, was appointed as Chairman of the Board. Plexium has raised additional capital in subsequent rounds, including a Series B for $102M in February 2022 and another Series B-II for $60.12M, bringing total funding to around $225M across five rounds from investors like RA Capital, Citadel, and SoftBank Vision Fund. The company had approximately 81-107 employees as of late 2021 or early 2022 and competes with firms like Accutar Biotechnology, Lycia Therapeutics, Vicinitas, Photys Therapeutics, and Uvic Steratics.
Oct 2019Series ADCVC Bio (lead); The Column Group (lead); M Ventures; Neotribe Ventures; CRV$28MPlexium is a San Diego-based biotech company focused on discovering and developing protein degrading therapeutics directed towards historically challenging drug targets. The company specializes in modulating E3 ligases to create first-in-class therapeutics. In October 2019, Plexium raised its initial Series A funding. The Series A was later extended in January 2021 with an additional $35 million, bringing the total Series A to $63 million. The January 2021 extension was led by Lux Capital and Pivotal BioVentures, with participation from The Column Group, DCVC Bio, and other current investors. The funding was allocated to accelerate the advancement of targeted, monovalent degraders through preclinical development and support research efforts aimed at understanding mechanisms and design principles for monovalent protein degraders.

Who has invested in Plexium?

9 investors have backed Plexium across its funding rounds, including The Column Group, DCVC Bio, Lux Capital, CRV, M Ventures and Biotechnology Value Fund.

Lead investors include Biotechnology Value Fund, TCG Crossover, Lux Capital, Pivotal bioVenture Partners, DCVC Bio and 1 other investor.


Plexium Investors

Investors in Plexium by funding rounds participated
InvestorHQRoundsRoleFirst check
The Column GroupUnited StatesSan Francisco, CA2LeadOct 2019
DCVC BioUnited StatesSan Francisco, CA2LeadOct 2019
TCG CrossoverUnited StatesSan Francisco, CA1LeadFeb 2022
M VenturesNetherlandsAmsterdam1ParticipantOct 2019
Lux CapitalUnited StatesNew York City, NY1LeadJan 2021
Biotechnology Value FundUnited StatesSan Francisco, CA1LeadFeb 2022
Pivotal bioVenture PartnersUnited StatesSan Francisco, CA1LeadJan 2021

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Plexium Competitors

Plexium competitors include listed companies like Eli Lilly, Johnson & Johnson, AbbVie and Merck, and private ones like Biosplice Therapeutics and Biocon Biologics.

Public and private companies comparable to Plexium
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Eli LillyUnited StatesUnited StatesPublicly listed$65B$28B$1.0T13.1x
Johnson & JohnsonUnited StatesUnited StatesPublicly listed$94B$40B$651B6.8x
AbbVieUnited StatesUnited StatesPublicly listed$61B$17B$467B8.1x
MerckUnited StatesUnited StatesPublicly listed$65B$28B$363B6.2x
Biosplice TherapeuticsUnited StatesSan Diego, CAPrivate--$12B-
Biocon BiologicsIndiaBangalorePrivate$1.1B-$4.5B4.2x

Plexium Public Comps

Plexium is still privately-owned, but its public comps include Eli Lilly, Johnson & Johnson, AbbVie, Merck, Roche, Novartis, AstraZeneca, Amgen, Novo Nordisk and Gilead Sciences.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eli Lilly$65B$28B16.5x13.1x38.7x27.0x
Johnson & Johnson$94B$40B7.2x6.8x17.0x18.3x
AbbVie$61B$17B8.7x8.1x30.6x17.6x
Merck$65B$28B6.3x6.2x14.7x21.0x
Roche$77B$26B5.0x4.9x14.6x12.4x
Novartis$57B$22B5.5x5.5x14.2x13.3x
AstraZeneca$59B$19B4.8x4.5x14.6x12.7x
Amgen$37B$17B6.8x6.5x14.8x14.4x

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Common questions about Plexium

When was Plexium founded?Plexium was founded in 2018.
Where is Plexium headquartered?Plexium is headquartered in San Diego, CA, United States.
Is Plexium publicly listed?No, Plexium is a private, VC-backed company.
How much funding has Plexium raised?Plexium has raised $225M across 4 funding rounds.
What was Plexium's last funding round?Plexium's last funding round was a $60M Series C in August 2025.
Who are Plexium's investors?Plexium's investors include The Column Group, DCVC Bio, TCG Crossover, M Ventures, Lux Capital, Biotechnology Value Fund, Pivotal bioVenture Partners, Neotribe Ventures and CRV.
Which companies are comparable to Plexium?Companies comparable to Plexium include Eli Lilly, Johnson & Johnson, AbbVie, Merck, Biosplice Therapeutics and Biocon Biologics.

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