RayzeBio Acquisition, Valuation, Funding & Investors

RayzeBio was acquired by Bristol-Myers Squibb for $4.1B in December 2023.

RayzeBio acquisition price

$4.1B

Acquired by Bristol-Myers Squibb · Dec 2023

Cumulative funding RayzeBio raised

$418M

across 4 funding rounds

Key investors in RayzeBio

  • Viking Global Investors
  • Versant Ventures
  • Samsara BioCapital
  • venBio Partners
  • Venrock Healthcare Capital Partners
  • OrbiMed
  • Alexandria Venture Investments
  • Wellington Management

RayzeBio Overview

About RayzeBio

RayzeBio is a San Diego-headquartered radiopharmaceutical company advancing targeted alpha therapies for cancer using Actinium-225 isotopes. The firm develops antibody-drug conjugates delivering alpha particles to solid tumors, with lead candidate RYZ101 in Phase 1/2 trials for gastroenteropancreatic neuroendocrine tumors. RayzeBio's platform emphasizes precise targeting and supply chain for rare radioisotopes, acquired by Bristol Myers Squibb in 2023.


Founded

2018

HQ

United StatesSan Diego, CA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$600M (Sep 2022)

RayzeBio Acquisition

RayzeBio was acquired by Bristol-Myers Squibb for $4.1B on 26 December 2023.

Before the acquisition RayzeBio had raised $418M across 4 funding rounds.

RayzeBio acquisition details
AcquirerDateTypePrice
26 Dec 2023Strategic M&A$4.1B

RayzeBio Valuation

RayzeBio is currently valued at $600M, based on its Series D in September 2022.

The $160M round was led by Sofinnova Investments, Viking Global Investors and Wellington Management, with participation from Soleus Capital, Sands Capital Ventures, Laurion Capital Management and Ally Bridge Group.

RayzeBio's valuation has moved from $651M at its Series C in June 2021 to $600M in September 2022, across 2 priced rounds.

RayzeBio valuation by funding round

RayzeBio valuation by funding round
DateStageValuation
Sep 2022Series D$600M
Jun 2021Series C$651M

RayzeBio Funding History

RayzeBio has raised a total of $418M across 4 funding rounds.

RayzeBio's first fundraising round was a $45M Series A in October 2020. The most recent completed round was a $160M Series D in September 2022.

RayzeBio funding rounds

RayzeBio funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022Series DSofinnova Investments (lead); Viking Global Investors (lead); Wellington Management (lead); Soleus Capital; Sands Capital Ventures; Laurion Capital Management; Ally Bridge Group$160M$600MRayzeBio is a San Diego-based targeted radiopharmaceutical company developing an innovative pipeline of therapies against validated solid tumor targets, focusing on alpha-emitting isotopes like Actinium-225 (Ac225). Its lead candidate, RYZ101, targets somatostatin receptor type 2 (SSTR2)-expressing tumors and has advanced into a Phase 1b clinical trial for neuroendocrine tumors, with potential Phase 3 studies as early as 2023. The company also maintains a broad discovery engine, having completed over 200 in vivo studies to identify new drug candidates. On September 13, 2022, RayzeBio closed a $160 million Series D financing round co-led by Viking Global Investors, Sofinnova Investments, and Wellington Management, with participation from new investors Ally Bridge Group, Sands Capital Ventures, Laurion Capital Management, Soleus Capital, and an undisclosed global investor, alongside existing investors. This brought the company's total funding to $418 million since inception in August 2020. The post-money valuation for this Series D was $599.64 million. The proceeds are intended to advance RYZ101 through clinical milestones, expand the radiopharmaceutical platform, and reach key value inflection points operationally and clinically. RayzeBio positions itself as a leader in Ac225-based therapies, aiming to deliver the first approved drug in this modality. The company recently appointed Dr. Abhi Bhat as SVP of Discovery to bolster its leadership.
Jun 2021Series CVenrock Healthcare Capital Partners (lead)$108M$651MRayzeBio is a biotechnology company focused on developing targeted radiopharmaceuticals for cancer treatment, harnessing the power of therapeutic radioisotopes such as Actinium-225, an alpha-emitter. The company was established in August 2020 and rapidly expanded its operations with a focus on clinically validated solid tumor targets. On June 15, 2021, RayzeBio announced a $108 million Series C financing led by Venrock Healthcare Capital Partners, with participation from new investors including Perceptive Advisors, Vivo Capital, Acuta Capital Partners, Deerfield Management, and TCG X. All existing investors also participated in the round, including venBio Partners, Versant Ventures, Samsara BioCapital, Redmile Group, Viking Global Investors, Cormorant Asset Management, OrbiMed, LifeSci Venture Partners, Logos Capital, and Alexandria Venture Investments. By the time of this Series C financing, RayzeBio had raised a total of $258 million since its launch in August 2020, with a post-money valuation of approximately $651.39 million. The funding enabled the company to rapidly expand its team, infrastructure, capabilities, and pipeline as it worked to establish itself as a leader in targeted radiopharmaceuticals. RayzeBio subsequently pursued a path to public markets, filing for an initial public offering in 2023 with an estimated offering price between $16.00 and $18.00 per share, having accumulated $418 million in total equity capital. The company was later acquired by Bristol Myers Squibb in February 2024 for $4 billion, with Ken Song, RayzeBio's president and CEO, subsequently becoming the CEO of newly formed Candid Therapeutics.
Dec 2020Series BVenrock Healthcare Capital Partners (lead); Redmile Group; Alexandria Venture Investments; Versant Ventures; LifeSci Venture Partners; Logos Capital; OrbiMed; venBio Partners; Samsara BioCapital; Viking Global Investors; Cormorant Asset Management$105M-RayzeBio is a San Diego-based clinical-stage biotechnology company developing targeted radiopharmaceuticals for cancer treatment, focusing on alpha-emitting isotopes like Actinium-225 bound to novel drug binders for solid tumors. Established in 2020, the company rapidly advanced its pipeline, including lead candidate RYZ101 in Phase 3 for gastroenteropancreatic neuroendocrine tumors. RayzeBio was backed by premier life science investors including venBio Partners, Versant Ventures, Venrock Healthcare Capital Partners, Samsara BioCapital, Redmile Group, Viking Global Investors, Cormorant Asset Management, OrbiMed, LifeSci Venture Partners, Logos Capital, and Alexandria Venture Investments. The company launched with a $45 million Series A, followed by a $105 million Series B around late 2020, led by Venrock Healthcare Capital Partners, attracting the listed investors. A subsequent $108 million Series C in June 2021 was also led by Venrock, with new participants like Perceptive Advisors and Vivo Capital, bringing total equity raised to over $258 million by mid-2021. RayzeBio raised a total of $418 million in equity before its 2023 IPO filing. The company was acquired by Bristol Myers Squibb for $4.1 billion in December 2023.
Oct 2020Series AvenBio Partners (lead); Versant Ventures (lead); Samsara BioCapital$45M-RayzeBio is a San Diego-based biotechnology company founded in 2020, specializing in targeted radiopharmaceuticals for cancer treatment, particularly using Actinium-225 alpha-emitting radioisotopes against validated solid tumor targets. The company launched with a $45 million Series A financing on October 14, 2020, co-led by venBio Partners and Versant Ventures, with participation from Samsara BioCapital and other healthcare investors. Proceeds were allocated to build the team, advance a pipeline of seven programs, and deepen partnerships like with PeptiDream for peptide mimetics screening. At launch, RayzeBio was led by CEO Ken Song and positioned itself to capitalize on the underinvested radiopharmaceuticals space in oncology, aiming for multi-billion dollar market opportunities with clinically validated technology. One source indicates a post-money valuation of $55.35 million for this Series A round. The company emphasized a systematic strategy, robust pipeline, and potential to lead in targeted radiopharmaceuticals for various cancers. Shortly after the Series A, RayzeBio raised a $105 million Series B in December 2020 led by Venrock Healthcare Capital Partners, with participation from Series A investors and new ones like OrbiMed and Viking Global Investors, bringing total capital to $150 million to advance multiple programs toward the clinic and expand facilities. Subsequent rounds included a $108 million Series C, pushing cumulative funding over $258 million by 2022, followed by total equity of $418 million pre-IPO. The company progressed its lead candidate RYZ101 into Phase 3 trials for gastroenteropancreatic neuroendocrine tumors.

Who has invested in RayzeBio?

17 investors have backed RayzeBio across its funding rounds, including Viking Global Investors, Versant Ventures, Samsara BioCapital, venBio Partners, Venrock Healthcare Capital Partners and OrbiMed.

Lead investors include Sofinnova Investments, Viking Global Investors, Wellington Management, Venrock Healthcare Capital Partners, venBio Partners and 1 other investor.


RayzeBio Investors

Investors in RayzeBio by funding rounds participated
InvestorHQRoundsRoleFirst check
Versant VenturesUnited StatesSan Francisco, CA2LeadOct 2020
venBio PartnersUnited StatesSan Francisco, CA2LeadOct 2020
Samsara BioCapitalUnited StatesSan Francisco, CA2ParticipantOct 2020
Viking Global InvestorsUnited StatesStamford, CT2LeadDec 2020
Venrock Healthcare Capital PartnersUnited StatesSan Francisco, CA2LeadDec 2020
Wellington ManagementUnited StatesBoston, MA1LeadSep 2022
Redmile GroupUnited StatesSan Francisco, CA1ParticipantDec 2020
Soleus CapitalUnited StatesGreenwich, CT1ParticipantSep 2022
Alexandria Venture InvestmentsUnited StatesLos Angeles, CA1ParticipantDec 2020
Sands Capital VenturesUnited StatesWashington, DC1ParticipantSep 2022
LifeSci Venture PartnersUnited StatesNew York City, NY1ParticipantDec 2020
Laurion Capital ManagementUnited StatesNew York City, NY1ParticipantSep 2022
Logos CapitalUnited StatesSan Francisco, CA1ParticipantDec 2020

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RayzeBio Competitors

RayzeBio competitors include listed companies like Henlius Biotech, Caliway Biopharmaceuticals, Celcuity and InnoCare Pharma, and private ones like Biomat USA and LEO Pharma.

Public and private companies comparable to RayzeBio
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Henlius BiotechChinaChinaPublicly listed$994M$198M$4.1B4.2x
Caliway BiopharmaceuticalsTaiwanTaiwanPublicly listed$1M($17M)$4B-
CelcuityUnited StatesUnited StatesPublicly listed-($172M)$4.2B163.2x
InnoCare PharmaChinaChinaPublicly listed$354M$106M$4B8.2x
Biomat USAUnited StatesLos Angeles, CAPrivate--$4.2B-
LEO PharmaDenmarkCopenhagenPrivate-$301M$4.2B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Henlius Biotech$994M$198M4.5x4.2x22.9x21.8x
Caliway Biopharmaceuticals$1M($17M)3288.3x-(225.7x)-
Celcuity-($172M)-163.2x(24.2x)(17.8x)
InnoCare Pharma$354M$106M8.7x8.2x29.3x53.6x
Aspen Pharmacare$2.7B$200M2.2x2.7x29.2x14.1x
Relay Therapeutics$15M($300M)216.4x279.1x(11.1x)(10.0x)
Yuhan$1.6B$218M2.6x2.6x19.3x29.8x
Apeloa Pharmaceutical$1.5B$246M2.6x2.5x15.3x13.5x

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Common questions about RayzeBio

When was RayzeBio founded?RayzeBio was founded in 2018.
Where is RayzeBio headquartered?RayzeBio is headquartered in San Diego, CA, United States.
Is RayzeBio publicly listed?No, RayzeBio was acquired by Bristol-Myers Squibb in December 2023.
Who acquired RayzeBio?RayzeBio was acquired by Bristol-Myers Squibb in December 2023.
How much was RayzeBio acquired for?RayzeBio was acquired for $4.1B in December 2023.
What is RayzeBio's valuation?RayzeBio was last valued at $600M in its Series D in September 2022.
How much funding has RayzeBio raised?RayzeBio has raised $418M across 4 funding rounds.
What was RayzeBio's last funding round?RayzeBio's last funding round was a $160M Series D in September 2022, led by Sofinnova Investments, Viking Global Investors and Wellington Management.
Who are RayzeBio's investors?RayzeBio's investors include Versant Ventures, venBio Partners, Samsara BioCapital, Viking Global Investors, Venrock Healthcare Capital Partners, Wellington Management, Redmile Group, Soleus Capital, Alexandria Venture Investments, Sands Capital Ventures and 7 others.
Which companies are comparable to RayzeBio?Companies comparable to RayzeBio include Henlius Biotech, Caliway Biopharmaceuticals, Celcuity, InnoCare Pharma, Biomat USA and LEO Pharma.

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