Principia Biopharma Acquisition, Valuation, Funding & Investors

Principia Biopharma was acquired by Sanofi for $3.7B in August 2020.

Principia Biopharma acquisition price

$3.7B

Acquired by Sanofi · Aug 2020

Principia Biopharma revenue at acquisition

$35M

Last twelve months · Aug 2020

Cumulative funding Principia Biopharma raised

$115M

across 3 funding rounds

Key investors in Principia Biopharma

Principia Biopharma Overview

About Principia Biopharma

Principia Biophopharma is a San Francisco-headquartered biopharmaceutical company developing small-molecule drugs using its allosteric reversible covalent platform targeting kinases in autoimmune diseases and oncology. Advanced BTK inhibitor rilzabrutinib through Phase 3 trials for immune thrombocytopenia and chronic spontaneous urticaria. Expanded pipeline includes RIPK1 inhibitors for inflammatory conditions and PI3K inhibitors for cancer. Sanofi acquired Principia in 2020, integrating its technology into development programs for dermatology and neurology indications.


Founded

2008

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Revenue

$35M (Aug 2020)

Valuation

$3.7B (acquired Aug 2020)

Principia Biopharma Acquisition

Principia Biopharma was acquired by Sanofi for $3.7B on 17 August 2020.

Before the acquisition Principia Biopharma had raised $115M across 3 funding rounds.

Principia Biopharma acquisition details
AcquirerDateTypePriceEV/Revenue
17 Aug 2020Strategic M&A$3.7B104.5x

Principia Biopharma Funding History

Principia Biopharma has raised a total of $115M across 3 funding rounds.

Principia Biopharma's first fundraising round was a $50M Series B in April 2014. The most recent completed round was a $50M undisclosed-stage round in August 2018.

Principia Biopharma funding rounds

Principia Biopharma funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2018Undisclosed stageHBM Healthcare Investments (lead); Mission BioCapital$50MPrincipia Biopharma is a clinical-stage biopharmaceutical company developing oral small molecule therapies using its proprietary Tailored Covalency platform for immunology and oncology indications, including pemphigus, immune thrombocytopenic purpura, multiple sclerosis, and other immune-mediated diseases. The company closed its initial public offering on September 18, 2018, selling 7,187,500 shares at $17 per share for gross proceeds of approximately $122.2 million before expenses, with the stock listed on Nasdaq under PRNB. This IPO followed an S-1 filing and was managed by BofA Merrill Lynch, Leerink Partners, and Wells Fargo Securities. Documents reference an Amended and Restated Investors' Rights Agreement dated August 16, 2018, ahead of the IPO. Principia planned to use IPO proceeds, including $50 million from a stock offering, to complete mid-stage studies for lead candidate PRN1008 and advance it to Phase 3 testing. The company later conducted a $227 million follow-on offering in 2019. In August 2020, Sanofi acquired Principia for $3.68 billion ($100 per share), gaining full control of its BTK inhibitor pipeline, including SAR442168 (tolebrutinib) in Phase 3 for multiple sclerosis, rilzabrutinib in Phase 3 for pemphigus, and other candidates. Post-acquisition, Sanofi discontinued some assets like tolebrutinib in myasthenia gravis and atuzabrutinib due to efficacy and pharmacokinetic issues.
Aug 2015Series BSR One; New Leaf Venture Partners; Baker Brothers Advisors LLC; OrbiMed; Sofinnova Investments; Morgenthaler Ventures$15M-
Apr 2014Series BSofinnova Investments (lead); SR One; New Leaf Venture Partners; Mission Bay Capital; OrbiMed; Morgenthaler Ventures$50MPrincipia Biopharma, a privately held biopharmaceutical company based in South San Francisco, raised $50 million in a Series B financing round on April 22, 2014, led by Sofinnova Ventures with participation from existing investors including Mission Bay Capital, Morgenthaler Ventures, New Leaf Venture Partners, OrbiMed, and SR One. The company focuses on discovering and developing first-in-class small molecule drugs for autoimmune diseases and oncology, utilizing proprietary technology for reversible covalent small molecule inhibitors licensed from the University of California, San Francisco. This approach targets kinases and other challenging disease targets to create highly selective, efficacious drugs with enhanced safety margins suitable for chronic therapies. The Series B round more than doubled the company's prior funding, following a $40 million Series A. Srinivas Akkaraju from Sofinnova Ventures joined the board. Investors highlighted Principia's potential to combine the convenience of oral small molecules with antibody-like specificity, representing an advance over traditional methods. The financing supported expansion of its drug discovery and development engine.

Who has invested in Principia Biopharma?

9 investors have backed Principia Biopharma across its funding rounds, including OrbiMed, SR One, Sofinnova Investments, New Leaf Venture Partners, Morgenthaler Ventures and HBM Healthcare Investments.

Lead investors include HBM Healthcare Investments and Sofinnova Investments.


Principia Biopharma Investors

Investors in Principia Biopharma by funding rounds participated
InvestorHQRoundsRoleFirst check
SR OneUnited StatesUnited States2ParticipantApr 2014
New Leaf Venture PartnersUnited StatesNew York City, NY2ParticipantApr 2014
OrbiMedUnited StatesNew York City, NY2ParticipantApr 2014
Sofinnova InvestmentsUnited StatesSan Francisco, CA2LeadApr 2014
Morgenthaler VenturesUnited StatesSan Francisco, CA2ParticipantApr 2014
HBM Healthcare InvestmentsSwitzerlandZug1LeadAug 2018
Baker Brothers Advisors LLCUnited StatesNew York City, NY1ParticipantAug 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Principia Biopharma Competitors

Principia Biopharma competitors include listed companies like Enliven Therapeutics, Simcere Pharmaceutical Group, Tarsus Pharmaceuticals and Zhejiang Huahai, and private ones like Sinovac Life Sciences and Cytovant.

Public and private companies comparable to Principia Biopharma
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Enliven TherapeuticsUnited StatesUnited StatesPublicly listed-($119M)$3.7B-
Simcere Pharmaceutical GroupChinaChinaPublicly listed$1.2B$289M$3.7B2.4x
Tarsus PharmaceuticalsUnited StatesUnited StatesPublicly listed$451M($70M)$3.7B5.2x
Zhejiang HuahaiChinaChinaPublicly listed$1.3B$248M$3.7B3.4x
Sinovac Life SciencesChinaBeijingPrivate--$3.3B-
CytovantChinaShanghaiPrivate--$3.3B-

Principia Biopharma Public Comps

Principia Biopharma is no longer listed, but its public comps include Enliven Therapeutics, Simcere Pharmaceutical Group, Tarsus Pharmaceuticals, Zhejiang Huahai, Santen Pharmaceutical, IDEAYA Biosciences, BB Biotech, Organon, Shijiazhuang Yiling and Emcure Pharmaceuticals.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Enliven Therapeutics-($119M)--(23.3x)(20.3x)
Simcere Pharmaceutical Group$1.2B$289M2.8x2.4x11.3x10.5x
Tarsus Pharmaceuticals$451M($70M)7.4x5.2x(47.5x)-
Zhejiang Huahai$1.3B$248M3.6x3.4x18.6x14.7x
Santen Pharmaceutical$1.9B$364M1.9x1.9x9.7x8.0x
IDEAYA Biosciences$219M($155M)13.4x32.6x(18.9x)(7.8x)
BB Biotech$722M-5.0x---
Organon$6.2B$1.3B1.8x1.8x8.5x6.1x

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Common questions about Principia Biopharma

When was Principia Biopharma founded?Principia Biopharma was founded in 2008.
Where is Principia Biopharma headquartered?Principia Biopharma is headquartered in San Francisco, CA, United States.
Is Principia Biopharma publicly listed?No, Principia Biopharma was acquired by Sanofi in August 2020.
Who acquired Principia Biopharma?Principia Biopharma was acquired by Sanofi in August 2020.
How much was Principia Biopharma acquired for?Principia Biopharma was acquired for $3.7B in August 2020.
How much funding has Principia Biopharma raised?Principia Biopharma has raised $115M across 3 funding rounds.
What was Principia Biopharma's last funding round?Principia Biopharma's last funding round was a $50M undisclosed-stage round in August 2018, led by HBM Healthcare Investments.
Who are Principia Biopharma's investors?Principia Biopharma's investors include SR One, New Leaf Venture Partners, OrbiMed, Sofinnova Investments, Morgenthaler Ventures, HBM Healthcare Investments, Baker Brothers Advisors LLC, Mission Bay Capital and Mission BioCapital.
Which companies are comparable to Principia Biopharma?Companies comparable to Principia Biopharma include Enliven Therapeutics, Simcere Pharmaceutical Group, Tarsus Pharmaceuticals, Zhejiang Huahai, Sinovac Life Sciences and Cytovant.

See companies similar to Principia Biopharma

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