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- ProfoundBio
ProfoundBio Acquisition, Valuation, Funding & Investors
ProfoundBio was acquired by Genmab for $1.8B in April 2024.
Cumulative funding ProfoundBio raised
$247M
across 4 funding rounds
Key investors in ProfoundBio
K2VC
Chang'an Capital
HSG
Lilly Asia Ventures
Oriza Holdings
LYFE Capital
Gaorong Capital
Ally Bridge Group
About ProfoundBio
ProfoundBio is a Seattle-headquartered clinical-stage biotechnology company developing antibody-drug conjugates for solid tumors and hematological malignancies. The firm advances a pipeline of ADC candidates including Rina-S, its lead asset in Phase 1 trials targeting ovarian and other cancers, and preclinical programs like rinatabart sesutecan. Built on proprietary ADC platforms such as the ProTriBody linker and SiteHance tumor protease-activated systems, ProfoundBio partners with pharmaceutical giants like BeiGene for global development and commercialization.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$1.8B (acquired Apr 2024)
Sectors
ProfoundBio Acquisition
ProfoundBio was acquired by Genmab for $1.8B on 3 April 2024.
Before the acquisition ProfoundBio had raised $247M across 4 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 3 Apr 2024 | Strategic M&A | $1.8B |
ProfoundBio Funding History
ProfoundBio has raised a total of $247M across 4 funding rounds.
ProfoundBio's first fundraising round was a $10M seed round in February 2021. The most recent completed round was a $112M Series B in February 2024.
ProfoundBio funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2024 | Series B | Ally Bridge Group (lead) | $112M | ProfoundBio is a clinical-stage biotechnology company based in Seattle, founded in 2020, developing novel antibody-drug conjugate (ADC) therapeutics for cancer patients, primarily targeting solid tumors. Its pipeline includes rinatabart sesutecan (Rina-S) in planned pivotal trials, PRO1107 (PTK7-targeted ADC) in Phase 1 with data expected in 2025, PRO1286 (bi-specific ADC) set to enter clinic in 2024, and additional preclinical programs. The company has 80-150 employees and had raised $165M total prior to this round. On February 14, 2024, ProfoundBio announced an oversubscribed $112 million Series B equity financing led by Ally Bridge Group, with participation from new investors such as Nextech Invest, Janus Henderson Investors, RA Capital Management, OrbiMed, Surveyor Capital (Citadel), Medicxi, Logos Capital, Octagon Capital, Piper Heartland Healthcare Capital, LifeSci Venture Partners, and funds advised by T. Rowe Price Associates, plus existing investors Lilly Asia Ventures and LYFE Capital. Proceeds will advance its clinical and preclinical ADC programs, support key milestones, data readouts through 2025, and a pivotal trial for Rina-S. The round strengthened ProfoundBio's board with additions including Andrew Lam (Managing Director at Ally Bridge Group), and independent directors Eric Dobmeier (former Seagen and Chinook Therapeutics executive) and Enoch Kariuki, alongside existing members Baiteng Zhao (co-founder), Lynn Yang (HongShan), and Josh Jin (LAV). The financing capitalizes on ADC sector momentum amid interest from top healthcare investors. |
| Jun 2022 | Series A | HSG (lead); LYFE Capital; K2VC; Lilly Asia Ventures; Oriza Holdings; Chang'an Capital | $70M | ProfoundBio, a clinical-stage biotechnology company developing novel antibody-drug conjugates (ADCs) for oncology, closed a $70 million Series A+ financing round in early 2022, led by Sequoia China, with participation from existing investors including Lilly Asia Ventures, Oriza Holdings, Chang'an Capital, LYFE Capital, and K2VC. This round followed a $55 million Series A the previous summer, bringing total funding to approximately $140 million. The company, founded by Seagen veterans and operating sites in Woodinville, Washington, and Suzhou, China, had about 50 employees at the time. ProfoundBio plans to use the proceeds to advance its lead ADC candidates, PRO1184 and PRO1160, into Phase 1 clinical trials, accelerate multiple early-stage programs to preclinical and CMC development, expand innovative ADC technologies, and build vertically integrated capabilities from discovery to clinical trials. The financing underscores investor confidence in the company's pipeline and technology amid a challenging economic environment, with Sequoia Capital's Lynn Yang joining the board. |
| Jul 2021 | Series A | Lilly Asia Ventures (lead); LYFE Capital (lead); Gaorong Capital; K2VC; Oriza Holdings; HSG; Chang'an Capital | $55M | ProfoundBio is a clinical-stage biotechnology company developing antibody-drug conjugates (ADCs) for targeted cancer therapies, primarily focused on solid tumors. Founded around 2020, it operates from Suzhou, China, and Woodinville, Washington, led by Seagen veterans including CEO Baiteng Zhao, President Tae Han, and CTO Xiao Shang. The company builds differentiated ADC pipelines using novel technology platforms for linker-payload design and tumor-selective targeting. On July 12, 2021, ProfoundBio closed a more than $55 million Series A financing round, led by Lilly Asia Ventures and co-led by LYFE Capital, with participation from Sequoia Capital China, Oriza Holdings, and prior pre-Series A investors K2VC, Gaorong Capital, and Chang'an Capital. This followed a pre-Series A raise of over $12 million. The funds support advancing an 11-program preclinical pipeline, strengthening R&D capabilities, and preparing multiple IND submissions starting in 2022. ProfoundBio progressed post-Series A, raising a $112 million Series B in February 2024 led by Ally Bridge Group with T. Rowe Price and OrbiMed, bringing total funding over $250 million including a 2022 raise. In 2024, Genmab agreed to acquire ProfoundBio for $1.8 billion, highlighting ADC demand; its lead candidate Rina-S (folate receptor alpha-targeted) reached Phase 2 for ovarian and endometrial cancers, with others in Phase 1. |
| Feb 2021 | Seed | K2VC (lead); Chang'an Capital | $10M | ProfoundBio is a biotechnology company founded in 2018 in Seattle, Washington, USA, focused on developing next-generation antibody-drug conjugates (ADCs) for solid tumor treatments. The company builds a technology platform to design highly-active ADC drugs with improved mechanisms and properties. In February 2021, ProfoundBio raised more than $10 million in a Series A funding round led by K2VC, with participation from Gaorong Capital and Chang'an Capital, to accelerate ADC development for cancers. Sources list a $10M seed round on Feb 7, 2021, and $55M Series A on Jul 11, 2021. K2VC later described an early investment (angel/seed in 2020-2021) that generated over tenfold cash return upon ProfoundBio's $1.8B acquisition by Genmab. |
Who has invested in ProfoundBio?
8 investors have backed ProfoundBio across its funding rounds, including K2VC, Chang'an Capital, HSG, Lilly Asia Ventures, Oriza Holdings and LYFE Capital.
Lead investors include Ally Bridge Group, HSG, Lilly Asia Ventures, LYFE Capital and K2VC.
ProfoundBio Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Feb 2021 | ||
| 3 | Participant | Feb 2021 | ||
| 2 | Lead | Jul 2021 | ||
| 2 | Lead | Jul 2021 | ||
| 2 | Participant | Jul 2021 | ||
| 2 | Lead | Jul 2021 | ||
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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 TrialProfoundBio Competitors
ProfoundBio competitors include listed companies like Nanjing King-Friend, Jafron Biomedical, Hanall Biopharma and Hugel, and private ones like Retro Biosciences and Rakuten Medical.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.8B | - | ||
| Publicly listed | $595M | $146M | $1.8B | 2.7x | ||
| Publicly listed | $300M | $123M | $1.8B | 5.2x | ||
| Publicly listed | $113M | ($2M) | $1.8B | 15.1x | ||
| Publicly listed | $309M | $149M | $1.8B | 4.0x | ||
| Private | - | - | $1.7B | - |
ProfoundBio Public Comps
ProfoundBio is no longer listed, but its public comps include Nanjing King-Friend, Jafron Biomedical, Hanall Biopharma, Hugel, Xencor, Nanobiotix, Septerna, Cohance Lifesciences, Jiangxi Fushine Pharma and Vir Biotechnology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $595M | $146M | 2.8x | 2.7x | 11.4x | 12.1x | |||
| $300M | $123M | 5.4x | 5.2x | 13.2x | 11.2x | |||
| $113M | ($2M) | 15.9x | 15.1x | (899.3x) | 417.5x | |||
| $309M | $149M | 4.6x | 4.0x | 9.5x | 8.6x | |||
| $126M | ($75M) | 12.3x | 11.2x | (20.6x) | (7.4x) | |||
| $34M | ($15M) | 52.9x | 63.4x | (121.3x) | (97.5x) | |||
| $46M | ($67M) | 32.5x | 18.3x | (22.3x) | (20.9x) | |||
| $230M | $44M | 7.7x | 7.4x | 40.0x | 39.1x | |||
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Common questions about ProfoundBio
| When was ProfoundBio founded? | ProfoundBio was founded in 2018. |
| Where is ProfoundBio headquartered? | ProfoundBio is headquartered in Seattle, WA, United States. |
| Is ProfoundBio publicly listed? | No, ProfoundBio was acquired by Genmab in April 2024. |
| Who acquired ProfoundBio? | ProfoundBio was acquired by Genmab in April 2024. |
| How much was ProfoundBio acquired for? | ProfoundBio was acquired for $1.8B in April 2024. |
| How much funding has ProfoundBio raised? | ProfoundBio has raised $247M across 4 funding rounds. |
| What was ProfoundBio's last funding round? | ProfoundBio's last funding round was a $112M Series B in February 2024, led by Ally Bridge Group. |
| Who are ProfoundBio's investors? | ProfoundBio's investors include K2VC, Chang'an Capital, LYFE Capital, Lilly Asia Ventures, Oriza Holdings, HSG, Gaorong Capital and Ally Bridge Group. |
| Which companies are comparable to ProfoundBio? | Companies comparable to ProfoundBio include Retro Biosciences, Nanjing King-Friend, Jafron Biomedical, Hanall Biopharma, Hugel and Rakuten Medical. |
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