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- Reneo Pharmaceuticals
Reneo Pharmaceuticals Acquisition, Valuation, Funding & Investors
Reneo Pharmaceuticals was acquired by OnKure Therapeutics for $1.3B in 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
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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.3B (acquired May 2024)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 13 May 2024 | Strategic 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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2020 | Series B | Abingworth (lead); Novo Ventures (lead); Chiesi Ventures; New Enterprise Associates; Pappas Capital; Lundbeckfonden Ventures; RiverVest; Rock Springs Capital; Amzak Health Investors; Aisling Capital | $95M | Reneo 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 2019 | Series A | New 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | May 2019 | ||
| 2 | Participant | May 2019 | ||
| 2 | Participant | May 2019 | ||
| 2 | Participant | May 2019 | ||
| 1 | Lead | Dec 2020 | ||
| 1 | Participant | Dec 2020 | ||
| 1 | Lead | Dec 2020 | ||
| 1 | Participant | Dec 2020 | ||
This data is available for Pro users. Sign up to see all 10 Reneo Pharmaceuticals investors. Start Free Trial | ||||
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 TrialReneo 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.3B | - | ||
| Publicly listed | - | ($140M) | $1.3B | 66.5x | ||
| Publicly listed | - | ($699M) | $1.3B | - | ||
| Publicly listed | $6M | ($72M) | $1.3B | 61.0x | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $173M | ($15M) | $1.3B | 5.6x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($140M) | - | 66.5x | (6.8x) | (5.6x) | |||
| - | ($699M) | - | - | (1.2x) | (3.6x) | |||
| $6M | ($72M) | 117.6x | 61.0x | (10.6x) | - | |||
| $173M | ($15M) | 7.6x | 5.6x | (87.9x) | 644.2x | |||
| $158M | $86M | 6.7x | 5.0x | 12.4x | 11.2x | |||
| - | ($128M) | - | - | (8.4x) | (6.4x) | |||
| - | ($7M) | - | 15.0x | (196.0x) | - | |||
| $390M | $55M | 3.3x | - | 23.3x | - | |||
This data is available for Pro users. Sign up to see all Reneo Pharmaceuticals competitors and their valuation data. Start Free Trial | ||||||||
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. |
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