- Companies
- Scorpion Therapeutics
Scorpion Therapeutics Acquisition, Valuation, Funding & Investors
Scorpion Therapeutics was acquired by Eli Lilly in January 2025.
Cumulative funding Scorpion Therapeutics raised
$420M
across 3 funding rounds
Key investors in Scorpion Therapeutics
Vida Ventures
Lightspeed Venture Partners
Atlas Venture
Omega Funds
Boxer Capital
Abingworth
EcoR1 Capital
Frazier Life Sciences
About Scorpion Therapeutics
Scorpion Therapeutics is a biotechnology company developing small molecule precision oncology therapies, with its lead program built around STX-478, an oral, once-daily mutant-selective PI3Kα inhibitor for hormone-positive breast cancer and other solid tumors carrying PI3Kα mutations. Founded in 2020 and based in Boston, the company's pipeline also includes EGFR inhibitors STX-721 and STX-241 alongside earlier-stage precision oncology programs built on its drug discovery platform spanning translational medicine, chemical biology, and medicinal chemistry.
Founded
2020
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$822M (Jul 2024)
Sectors
Scorpion Therapeutics Acquisition
Scorpion Therapeutics was acquired by Eli Lilly for an undisclosed price on 13 January 2025.
Before the acquisition Scorpion Therapeutics had raised $420M across 3 funding rounds.
Scorpion Therapeutics, a Boston-based private biotechnology company developing small molecule precision oncology therapies, agreed to be acquired by Eli Lilly and Company on January 13, 2025, for its mutant-selective PI3Kα inhibitor program centered on STX-478. STX-478 is an oral, once-daily therapy in Phase 1/2 clinical trials for hormone-positive breast cancer and other advanced solid tumors, targeting PI3Kα gene mutations that affect 30-40% of hormone-positive breast cancer patients. The deal values the acquisition at up to $2.5 billion in cash, including an upfront payment and milestone payments tied to regulatory approvals and sales. Eli Lilly, leveraging cash from its obesity and diabetes drugs, seeks to bolster its oncology pipeline and challenge competitors Novartis (Piqray, approved 2019) and Roche (Itovebi) in the breast cancer market after discontinuing its prior PI3Kα candidate LOXO-783. STX-478 offers improved selectivity over first-generation inhibitors by sparing wild-type PI3Kα, reducing toxicities like metabolic dysfunction, with Phase 1 data showing a 23% objective response rate and potential for combination therapies. As part of the transaction, Scorpion spun out a new independent company holding its employees, non-PI3Kα assets like EGFR inhibitors STX-721 and STX-241, and led by CEO Dr. Friedman, owned by Scorpion shareholders with Lilly retaining a minority equity interest; this entity later rebranded as Antares.
| Acquirer | Date | Type |
|---|---|---|
| 13 Jan 2025 | Strategic M&A |
Scorpion Therapeutics Valuation
Scorpion Therapeutics is currently valued at $822M, based on its Series C in July 2024.
The $150M round was led by Frazier Life Sciences and Lightspeed Venture Partners.
Scorpion Therapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2024 | Series C | $822M |
Scorpion Therapeutics Funding History
Scorpion Therapeutics has raised a total of $420M across 3 funding rounds.
Scorpion Therapeutics' first fundraising round was a $108M Series A in October 2020. The most recent completed round was a $150M Series C in July 2024.
Scorpion Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2024 | Series C | Frazier Life Sciences (lead); Lightspeed Venture Partners (lead) | $150M | $822M | Scorpion Therapeutics, a US-based oncology specialist, closed a $150 million Series C financing round on July 16, 2024, co-led by Frazier Life Sciences and Lightspeed Venture Partners, with participation from existing investors including Abingworth, Atlas Venture, Boxer Capital, Casdin Capital, Ecor1 Capital, Fidelity, Invus, Logos Capital, Nextech Invest, Omega Funds, Orbimed, Surveyor Capital, Vida Ventures, Wellington Management, Willett Advisors, and Woodline Partners. The round comprised a Series C-1 tranche of $125.69 million at $2.42 per share and a Series C-2 tranche of $24.31 million at $2.54 per share, both achieving a post-money valuation of $821.83 million. Proceeds will advance the company's clinical-stage pipeline, particularly the allosteric, mutant-selective PI3Kα inhibitor STX-478 in Phase I/II trials for HR+/HER2- breast cancer and other PI3Kα-mutated solid tumors, as well as the EGFR inhibitor franchise including STX-721 and STX-241, and discovery-stage precision oncology therapies. CEO Adam Friedman highlighted the strong investor demand as validation of Scorpion's clinical execution and emerging data. In conjunction with the financing, Lightspeed Venture Partners' Shelley Chu joined the board as an investor member, and Frazier Life Sciences' Albert Cha became a board observer. The company, focused on precision oncology through small molecule programs, continues to build on prior funding, including a $162 million Series B in January 2021 at a $578.26 million post-money valuation. The financing strengthens Scorpion's position amid a rebound in life sciences VC, enabling pipeline expansion in competitive oncology areas targeting validated but challenging pathways like PI3Kα and EGFR. |
| Jan 2021 | Series B | Boxer Capital (lead); EcoR1 Capital (lead); Vida Ventures (lead) | $162M | - | Scorpion Therapeutics, a Boston-based precision oncology company founded in Q1 2020, completed an oversubscribed $162 million Series B financing on January 7, 2021, led by Boxer Capital of Tavistock Group, EcoR1 Capital, Vida Ventures, and Omega Funds. The round included participation from new investors such as Surveyor Capital, Invus, Wellington Management, Nextech Invest, OrbiMed, Casdin Capital, Woodline Partners, Logos Capital, and Janus Henderson Investors, plus existing backers Atlas Venture and Abingworth. This brought the company's total funding to approximately $270 million following a prior $108 million Series A in October 2020. The proceeds are designated to advance Scorpion's drug hunting engine, which combines capabilities in translational medicine, chemical biology, medicinal chemistry, and data science, and to progress its preclinical portfolio of therapeutic candidates targeting novel proteins for tumor targeting across various biological approaches. The company operates under a 'Precision Oncology 2.0' framework, aiming to select a lead candidate in 2021 and initiate clinical trials in 2022, with all programs remaining preclinical at the time. Scorpion was co-founded by experienced biotech leaders including Gary Glick (former CEO of Lycera and IFM Therapeutics), Keith Flaherty (oncologist at Massachusetts General Hospital), Liron Bar-Peled, and Gaddy Getz from Harvard Medical School. The funding reflects strong investor confidence in its platform amid a booming biotech investment climate, enabling accelerated platform and program development. |
| Oct 2020 | Series A | Atlas Venture (lead); Omega Funds (lead); Vida Ventures (lead); Partners HealthCare Innovation; Abingworth; Mass General Brigham Ventures | $108M | - | Scorpion Therapeutics, a Boston-based precision oncology company, launched on October 26, 2020, with a $108 million Series A financing led by Atlas Venture, Omega Funds, and Vida Ventures, with participation from Abingworth and Partners HealthCare Innovation. The company integrates cutting-edge technologies in target discovery, medicinal chemistry, and translational medicine to advance Precision Oncology 2.0, focusing on best- or first-in-class small-molecule drugs for known oncogenes, undruggable cancer targets, and novel targets to broaden precision medicine's impact. Founded by industry veterans including president and CEO Gary D. Glick, Scorpion aims to deliver safe, well-tolerated therapies providing deeper, more durable responses for cancer patients. The financing supports building a comprehensive drug hunting engine, advancing a preclinical pipeline, and efficiently moving candidates to the clinic. The team includes leaders in clinical development and scientists with experience on marketed oncology drugs. Scorpion's approach addresses limitations in current precision medicine by designing precision therapeutics for new and previously undruggable targets while maintaining a robust pipeline addition rate over 5-10 years. Just two months later in January 2021, the company raised an additional $162 million, bringing total funding to $270 million and attracting 11 new investors amid a biotech funding boom. |
Who has invested in Scorpion Therapeutics?
10 investors have backed Scorpion Therapeutics across its funding rounds, including Vida Ventures, Lightspeed Venture Partners, Atlas Venture, Omega Funds, Boxer Capital and Abingworth.
Lead investors include Frazier Life Sciences, Lightspeed Venture Partners, Boxer Capital, EcoR1 Capital, Vida Ventures and 2 other investors.
Scorpion Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2020 | ||
| 1 | Lead | Jan 2021 | ||
| 1 | Lead | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Lead | Jul 2024 | ||
| 1 | Lead | Jul 2024 | ||
| 1 | Lead | Oct 2020 | ||
This data is available for Pro users. Sign up to see all 10 Scorpion Therapeutics 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 TrialScorpion Therapeutics Competitors
Scorpion Therapeutics competitors include listed companies like Esperion Therapeutics, BlossomHill Therapeutics, Hisamitsu Pharmaceutical and Achieve Life Sciences, and private ones like ADARx Pharmaceuticals and Huisheng Biopharmaceutical.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $403M | $60M | $819M | 2.3x | ||
| Publicly listed | - | ($64M) | $819M | - | ||
| Publicly listed | $978M | $202M | $828M | 0.1x | ||
| Private | - | - | $828M | - | ||
| Publicly listed | - | ($55M) | $816M | - | ||
| Private | - | - | $809M | - |
Scorpion Therapeutics Public Comps
Scorpion Therapeutics is no longer listed, but its public comps include Esperion Therapeutics, BlossomHill Therapeutics, Hisamitsu Pharmaceutical, Achieve Life Sciences, Gen İlaç, 4D Molecular Therapeutics, Climb Bio, HK inno.N, China TCM and Design Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $403M | $60M | 2.3x | 2.3x | 15.2x | 15.2x | |||
| - | ($64M) | - | - | (15.5x) | - | |||
| $978M | $202M | 0.1x | 0.1x | 0.5x | - | |||
| - | ($55M) | - | - | (11.7x) | - | |||
| $394M | $49M | 2.4x | - | 19.1x | - | |||
| $85M | ($152M) | 5.7x | 14.6x | (3.2x) | (1.9x) | |||
| - | ($68M) | - | - | (9.2x) | (9.0x) | |||
| $774M | $109M | 1.4x | 1.3x | 9.6x | 8.5x | |||
This data is available for Pro users. Sign up to see all Scorpion Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Scorpion Therapeutics
| When was Scorpion Therapeutics founded? | Scorpion Therapeutics was founded in 2020. |
| Where is Scorpion Therapeutics headquartered? | Scorpion Therapeutics is headquartered in United States. |
| Is Scorpion Therapeutics publicly listed? | No, Scorpion Therapeutics was acquired by Eli Lilly in January 2025. |
| Who acquired Scorpion Therapeutics? | Scorpion Therapeutics was acquired by Eli Lilly in January 2025. |
| What is Scorpion Therapeutics' valuation? | Scorpion Therapeutics was last valued at $822M in its Series C in July 2024. |
| How much funding has Scorpion Therapeutics raised? | Scorpion Therapeutics has raised $420M across 3 funding rounds. |
| What was Scorpion Therapeutics' last funding round? | Scorpion Therapeutics' last funding round was a $150M Series C in July 2024, led by Frazier Life Sciences and Lightspeed Venture Partners. |
| Who are Scorpion Therapeutics' investors? | Scorpion Therapeutics' investors include Vida Ventures, Boxer Capital, Atlas Venture, Partners HealthCare Innovation, Abingworth, Lightspeed Venture Partners, Frazier Life Sciences, Omega Funds, Mass General Brigham Ventures and EcoR1 Capital. |
| Which companies are comparable to Scorpion Therapeutics? | Companies comparable to Scorpion Therapeutics include Esperion Therapeutics, BlossomHill Therapeutics, Hisamitsu Pharmaceutical, ADARx Pharmaceuticals, Achieve Life Sciences and Huisheng Biopharmaceutical. |
See companies similar to Scorpion Therapeutics
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




