Reneo Pharmaceuticals Acquisition, Valuation, Funding & Investors

Reneo Pharmaceuticals was acquired by OnKure Therapeutics for $1.3B in May 2024.

Reneo Pharmaceuticals acquisition price

$1.3B

Acquired by OnKure Therapeutics · May 2024

Cumulative funding Reneo Pharmaceuticals raised

$145M

across 2 funding rounds

Key investors in Reneo Pharmaceuticals

  • New Enterprise Associates
  • RiverVest
  • Lundbeckfonden Ventures
  • Pappas Capital
  • Rock Springs Capital
  • Abingworth
  • Aisling Capital
  • Novo Ventures

Reneo Pharmaceuticals Overview

About Reneo Pharmaceuticals

Reneo Pharmaceuticals is a San Diego-headquartered clinical-stage biopharma developing mitochondrial modulators for rare metabolic myopathies. Its lead candidate targets PGC-1α activators to preserve muscle in primary mitochondrial myopathies, with Phase II trials enrolling patients in the US and Europe. Founded in 2014, the company lists on Nasdaq under RNAZ.


Founded

2014

HQ

United StatesSan Diego, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.3B (acquired May 2024)

Reneo Pharmaceuticals Acquisition

Reneo Pharmaceuticals was acquired by OnKure Therapeutics for $1.3B on 13 May 2024.

Before the acquisition Reneo Pharmaceuticals had raised $145M across 2 funding rounds.

OnKure Therapeutics, a privately-held clinical-stage biopharmaceutical company, merged with publicly-traded Reneo Pharmaceuticals in an all-stock reverse merger transaction announced in May 2024 and completed on October 4, 2024. The combined company operates under the OnKure Therapeutics name and trades on Nasdaq under ticker symbol OKUR. OnKure specializes in developing mutant-selective phosphoinositide 3-kinase alpha (PI3Kα) inhibitors for oncology, with its lead candidate OKI-219 in Phase 1 clinical development for PI3Kα-mutant breast cancer, directly competing with therapies from Eli Lilly, Relay, and Scorpion. Reneo, previously focused on mitochondrial diseases, had suspended its lead program after a pivotal trial failure and conducted significant workforce reductions, making the merger with OnKure's promising oncology pipeline an attractive strategic alternative for shareholder value. The transaction was structured as an all-stock deal with concurrent $65 million private investment in public equity (PIPE) financing from existing and new investors including Acorn Bioventures, Cormorant Asset Management, Deep Track Capital, Perceptive Advisors, Samsara BioCapital, Surveyor Capital, and Vestal Point Capital. The combined entity closed with approximately $120 million in total cash, providing runway through multiple clinical readouts into the fourth quarter of 2026. Leadership includes Nicholas Saccomano as President and CEO, with Samuel Agresta as Chief Medical Officer, Dylan Hartley as Chief Scientific Officer, and Jason Leverone as Chief Financial Officer. The merger capitalized on OnKure's expertise in PI3K-mutated cancers and early-stage clinical progress, with OKI-219's Phase 1 PIKture-01 trial underway testing both monotherapy and combination approaches with Faslodex and Herceptin across approximately 150 patients, with early data expected in Q4 2024.

Reneo Pharmaceuticals acquisition details
AcquirerDateTypePrice
13 May 2024Strategic M&A$1.3B

Reneo Pharmaceuticals Funding History

Reneo Pharmaceuticals has raised a total of $145M across 2 funding rounds.

Reneo Pharmaceuticals' first fundraising round was a $50M Series A in May 2019. The most recent completed round was a $95M Series B in December 2020.

Reneo Pharmaceuticals funding rounds

Reneo Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2020Series BAbingworth (lead); Novo Ventures (lead); Chiesi Ventures; New Enterprise Associates; Pappas Capital; Lundbeckfonden Ventures; RiverVest; Rock Springs Capital; Amzak Health Investors; Aisling Capital$95MReneo Pharmaceuticals, a clinical-stage biopharmaceutical company developing therapies for genetic mitochondrial diseases, raised $95 million in an oversubscribed Series B financing on December 9, 2020. The round was co-led by Novo Ventures and Abingworth, with participation from existing investors New Enterprise Associates, RiverVest Venture Partners, Pappas Capital, and Lundbeckfonden Ventures, as well as new investors Rock Springs Capital, Aisling Capital, Amzak Health Investors, and others. The proceeds were intended to advance the development of its lead product candidate, REN001 (pipvantrel), a PPARδ agonist designed to improve mitochondrial function and treat conditions such as primary mitochondrial myopathy (PMM), fatty acid oxidation disorders, and McArdle disease. This Series B followed a $50 million Series A in May 2019 led by NEA, also backed by Lundbeckfonden Ventures, RiverVest, and Pappas Capital. The funding coincided with the appointment of Gregory J. Flesher as CEO, bringing experienced leadership to guide clinical programs. Reneo progressed REN001 into the STRIDE Phase 2b trial for PMM, receiving Fast Track Designation from the FDA, and conducted exploratory Phase 1b studies in McArdle disease and LC-FAOD. The company went public in 2021, raising $94 million in gross proceeds from its IPO, ending the year with $147.7 million in cash to fund operations into 2024. Later, in December 2023, Concentra Biosciences proposed acquiring Reneo for $62 million (equity value of $65 million assuming $60 million net cash), but this was unrelated to the 2020 round.
May 2019Series ANew Enterprise Associates (lead); Pappas Capital; Lundbeckfonden Ventures; RiverVest$50M-

Who has invested in Reneo Pharmaceuticals?

10 investors have backed Reneo Pharmaceuticals across its funding rounds, including New Enterprise Associates, RiverVest, Lundbeckfonden Ventures, Pappas Capital, Rock Springs Capital and Abingworth.

Lead investors include Abingworth, Novo Ventures and New Enterprise Associates.


Reneo Pharmaceuticals Investors

Investors in Reneo Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check
New Enterprise AssociatesUnited StatesSan Francisco, CA2LeadMay 2019
Pappas CapitalUnited StatesDurham, NC2ParticipantMay 2019
Lundbeckfonden VenturesDenmarkCopenhagen2ParticipantMay 2019
RiverVestUnited StatesUnited States2ParticipantMay 2019
Novo VenturesDenmarkCopenhagen1LeadDec 2020
Chiesi VenturesUnited StatesBoston, MA1ParticipantDec 2020
AbingworthUnited KingdomLondon1LeadDec 2020
Rock Springs CapitalUnited StatesBaltimore, MD1ParticipantDec 2020

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Reneo Pharmaceuticals Competitors

Reneo Pharmaceuticals competitors include listed companies like Maze Therapeutics, Vor Biopharma, Aktis Oncology and GNI Group, and private ones like Brickell Biotech and Kallyope.

Public and private companies comparable to Reneo Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Brickell BiotechUnited StatesMiami, FLPrivate--$1.3B-
Maze TherapeuticsUnited StatesUnited StatesPublicly listed-($140M)$1.3B66.5x
Vor BiopharmaUnited StatesUnited StatesPublicly listed-($699M)$1.3B-
Aktis OncologyUnited StatesUnited StatesPublicly listed$6M($72M)$1.3B61.0x
KallyopeUnited StatesNew York City, NYPrivate--$1.3B-
GNI GroupJapanJapanPublicly listed$173M($15M)$1.3B5.6x

Reneo Pharmaceuticals Public Comps

Reneo Pharmaceuticals is no longer listed, but its public comps include Maze Therapeutics, Vor Biopharma, Aktis Oncology, GNI Group, HBM Holdings, ORIC Pharmaceuticals, Omeros, Celltrion Pharm, Immatics and MeiraGTx.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Maze Therapeutics-($140M)-66.5x(6.8x)(5.6x)
Vor Biopharma-($699M)--(1.2x)(3.6x)
Aktis Oncology$6M($72M)117.6x61.0x(10.6x)-
GNI Group$173M($15M)7.6x5.6x(87.9x)644.2x
HBM Holdings$158M$86M6.7x5.0x12.4x11.2x
ORIC Pharmaceuticals-($128M)--(8.4x)(6.4x)
Omeros-($7M)-15.0x(196.0x)-
Celltrion Pharm$390M$55M3.3x-23.3x-

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Common questions about Reneo Pharmaceuticals

When was Reneo Pharmaceuticals founded?Reneo Pharmaceuticals was founded in 2014.
Where is Reneo Pharmaceuticals headquartered?Reneo Pharmaceuticals is headquartered in San Diego, CA, United States.
Is Reneo Pharmaceuticals publicly listed?No, Reneo Pharmaceuticals was acquired by OnKure Therapeutics in May 2024.
Who acquired Reneo Pharmaceuticals?Reneo Pharmaceuticals was acquired by OnKure Therapeutics in May 2024.
How much was Reneo Pharmaceuticals acquired for?Reneo Pharmaceuticals was acquired for $1.3B in May 2024.
How much funding has Reneo Pharmaceuticals raised?Reneo Pharmaceuticals has raised $145M across 2 funding rounds.
What was Reneo Pharmaceuticals' last funding round?Reneo Pharmaceuticals' last funding round was a $95M Series B in December 2020, led by Abingworth and Novo Ventures.
Who are Reneo Pharmaceuticals' investors?Reneo Pharmaceuticals' investors include New Enterprise Associates, Pappas Capital, Lundbeckfonden Ventures, RiverVest, Novo Ventures, Chiesi Ventures, Abingworth, Rock Springs Capital, Amzak Health Investors and Aisling Capital.
Which companies are comparable to Reneo Pharmaceuticals?Companies comparable to Reneo Pharmaceuticals include Brickell Biotech, Maze Therapeutics, Vor Biopharma, Aktis Oncology, Kallyope and GNI Group.

See companies similar to Reneo Pharmaceuticals

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