SiteOne Therapeutics Acquisition, Valuation, Funding & Investors

SiteOne Therapeutics was acquired by Eli Lilly for $1B in May 2025.

SiteOne Therapeutics acquisition price

$1B

Acquired by Eli Lilly · May 2025

Cumulative funding SiteOne Therapeutics raised

$118M

across 4 funding rounds

Key investors in SiteOne Therapeutics

  • BioBrit
  • Sears Capital Management
  • NEXT Frontier Capital
  • Mission BioCapital
  • Mission Bay Capital
  • OrbiMed
  • Novo Holdings
  • Wellington Management

SiteOne Therapeutics Overview

About SiteOne Therapeutics

SiteOne Therapeutics is a biopharmaceutical company developing non-opioid pain therapeutics targeting NaV1.7 sodium channels. Headquartered in Boston, Massachusetts, it advances selective small-molecule inhibitors for acute and chronic pain conditions, aiming to avoid side effects of NSAIDs and opioids. Its pipeline includes preclinical candidates licensed from collaborators, with a focus on genetic validation in congenital insensitivity to pain patients.


Founded

2010

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$1B (acquired May 2025)

SiteOne Therapeutics Acquisition

SiteOne Therapeutics was acquired by Eli Lilly for $1B on 27 May 2025.

Before the acquisition SiteOne Therapeutics had raised $118M across 4 funding rounds.

SiteOne Therapeutics, a Seattle-based clinical-stage biopharmaceutical company, develops highly selective small molecule inhibitors targeting sodium ion channels such as NaV1.8 and NaV1.7 to treat pain, chronic cough, and other neuronal hyperexcitability disorders without opioid addiction risks. Eli Lilly and Company announced on May 27, 2025, a definitive agreement to acquire SiteOne in an all-cash deal potentially worth up to $1 billion to SiteOne shareholders, including an undisclosed upfront payment and milestone-based biobucks tied to regulatory and commercial achievements. The transaction, subject to customary closing conditions, centers on STC-004, SiteOne's Phase 2-ready NaV1.8 inhibitor that demonstrated good absorption, tolerability, and improved pain tolerance in a completed Phase 1 trial. Lilly aims to advance STC-004 through Phase 2 trials and commercialization globally as part of its push for non-opioid pain therapies amid rising chronic pain burdens, integrating the SiteOne team into its neuroscience R&D efforts led by Mark Mintun. SiteOne had recently raised $100 million in a Series C round led by Novo Holdings to fund clinical studies of its early pipeline. The deal positions Lilly to compete with Vertex Pharmaceuticals, whose NaV1.8 inhibitor suzetrigant (Journavx) gained FDA approval earlier in 2025, following Purdue Pharma's $7.4 billion opioid settlement, while bolstering Lilly's pain portfolio beyond its existing mid-stage assets targeting epiregulin, P2X7, and SSTR4.

SiteOne Therapeutics acquisition details
AcquirerDateTypePrice
27 May 2025Strategic M&A$1B

SiteOne Therapeutics Funding History

SiteOne Therapeutics has raised a total of $118M across 4 funding rounds.

SiteOne Therapeutics' first fundraising round was a $2M Series A in September 2014. The most recent completed round was a $100M Series C in December 2024.

SiteOne Therapeutics funding rounds

SiteOne Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2024Series CNovo Holdings (lead); Wellington Management; BSQUARED Capital; OrbiMed; Mission BioCapital$100MSiteOne Therapeutics is a biopharmaceutical company based in South San Francisco developing selective small molecule ion channel modulators targeting the peripheral nervous system for treating sensory hyperexcitability disorders including acute and chronic pain, chronic cough, and itch. Its lead program is a NaV1.8 sodium channel inhibitor, STC-004, with Phase 1 data expected in Q1 2025 and planned Phase 2 testing in acute and chronic pain. The company has a partnership with Vertex on a NaV1.7 program and previously collaborated with Amgen until 2019. On December 18, 2024, SiteOne announced a $100 million Series C financing led by Novo Holdings, with participation from OrbiMed, Wellington Management, Mission BioCapital, BSQUARED Capital, and existing investors. The round follows a $15 million Series B in 2017 led by Amgen. Novo Holdings' Ken Harrison joined the board, citing the promise of SiteOne's science in non-opioid pain treatments. Proceeds will fund advancement of multiple selective ion channel modulators through human clinical proof-of-concept studies, focusing on owning the action potential in peripheral nerve signaling. CEO John Mulcahy emphasized the strategy targeting peripheral rather than central nervous system for pain and related conditions. The investment was influenced by Vertex's success validating NaV1.8 pathways, adding market confidence. SiteOne positions itself in the non-opioid pain management space amid growing demand, competing potentially with Vertex while leveraging validated biology.
Jan 2017Series BAmgen (lead); 2M Companies; BioBrit; Z Investments; NEXT Frontier Capital; Mission Bay Capital; Mission BioCapital; Sears Capital Management$15MSiteOne Therapeutics develops non-opioid pain treatments targeting the NaV1.7 sodium ion channel for acute and chronic pain. The company licenses technology from Stanford University and uses a discovery engine based on natural marine sodium channel inhibitors to achieve selectivity. SiteOne closed a $15 million Series B round in January 2017 led by Amgen, with participation from 2M Companies, BioBrit, Mission Bay Capital, Mission BioCapital, Next Frontier Capital, Sears Capital Management, and Z Investments. The financing accompanied a research collaboration with Amgen to advance NaV1.7 inhibitors using Amgen's neuroscience expertise. SiteOne had previously raised $1.5 million in seed financing in 2014 and secured over $3 million in NIH SBIR grants.
Jul 2015SeedNEXT Frontier Capital (lead); BioBrit; Mission Bay Capital; Sears Capital Management$1M-
Sep 2014Series ASears Capital Management (lead); Bay Capital; BioBrit; Joe Zakrzewski$2M-

Who has invested in SiteOne Therapeutics?

14 investors have backed SiteOne Therapeutics across its funding rounds, including BioBrit, Sears Capital Management, NEXT Frontier Capital, Mission BioCapital, Mission Bay Capital and OrbiMed.

Lead investors include Novo Holdings, Amgen, NEXT Frontier Capital and Sears Capital Management.


SiteOne Therapeutics Investors

Investors in SiteOne Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
BioBritUnited StatesSan Diego, CA3ParticipantSep 2014
Sears Capital ManagementUnited StatesSan Jose, CA3LeadSep 2014
NEXT Frontier CapitalUnited StatesBozeman, MT2LeadJul 2015
Mission Bay CapitalUnited StatesSan Francisco, CA2ParticipantJul 2015
Mission BioCapitalUnited StatesUnited States2ParticipantJan 2017
2M CompaniesUnited StatesUnited States1ParticipantJan 2017
Wellington ManagementUnited StatesBoston, MA1ParticipantDec 2024
Bay CapitalIndiaMumbai1ParticipantSep 2014
Novo HoldingsDenmarkCopenhagen1LeadDec 2024
Joe ZakrzewskiUnited StatesPhiladelphia, PA1ParticipantSep 2014
Z Investments--1ParticipantJan 2017
AmgenUnited StatesLos Angeles, CA1LeadJan 2017

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SiteOne Therapeutics Competitors

SiteOne Therapeutics competitors include listed companies like Obsidian Therapeutics and Arbutus Biopharma, and private ones like BenevolentAI, FibroGen, Umoja Biopharma and Expedition Therapeutics.

Public and private companies comparable to SiteOne Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BenevolentAIUnited KingdomLondonPrivate$10M-$1B100.0x
Obsidian TherapeuticsUnited StatesUnited StatesPublicly listed-($104M)$1.1B-
FibroGenUnited StatesSan Francisco, CAPrivate$108M-$1.2B11.3x
Umoja BiopharmaUnited StatesSeattle, WAPrivate--$800M-
Expedition TherapeuticsUnited StatesSan Francisco, CAPrivate--$650M-
Arbutus BiopharmaUnited StatesUnited StatesPublicly listed$14M($37M)$1B6.8x

SiteOne Therapeutics Public Comps

SiteOne Therapeutics is no longer listed, but its public comps include Arbutus Biopharma, Kolon TissueGene, Star Lake Bioscience, SSY Group, Helus Pharma, Alumis, GuangYuYuan Chinese, Vetoquinol, Amphastar Pharma and Adlai Nortye.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Arbutus Biopharma$14M($37M)64.6x6.8x(24.6x)-
Kolon TissueGene$4M($141M)261.1x239.4x(7.0x)(57.8x)
Star Lake Bioscience$2.4B$314M0.8x0.8x6.0x7.3x
SSY Group$530M$144M2.5x-9.2x-
Helus Pharma-($153M)--(5.4x)(4.8x)
Alumis$24M($263M)22.6x47.6x(2.1x)(1.5x)
GuangYuYuan Chinese$204M$23M4.5x-40.5x-
Vetoquinol$605M$127M1.3x1.3x5.9x5.9x

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Common questions about SiteOne Therapeutics

When was SiteOne Therapeutics founded?SiteOne Therapeutics was founded in 2010.
Where is SiteOne Therapeutics headquartered?SiteOne Therapeutics is headquartered in San Francisco, CA, United States.
Is SiteOne Therapeutics publicly listed?No, SiteOne Therapeutics was acquired by Eli Lilly in May 2025.
Who acquired SiteOne Therapeutics?SiteOne Therapeutics was acquired by Eli Lilly in May 2025.
How much was SiteOne Therapeutics acquired for?SiteOne Therapeutics was acquired for $1B in May 2025.
How much funding has SiteOne Therapeutics raised?SiteOne Therapeutics has raised $118M across 4 funding rounds.
What was SiteOne Therapeutics' last funding round?SiteOne Therapeutics' last funding round was a $100M Series C in December 2024, led by Novo Holdings.
Who are SiteOne Therapeutics' investors?SiteOne Therapeutics' investors include BioBrit, Sears Capital Management, NEXT Frontier Capital, Mission Bay Capital, Mission BioCapital, 2M Companies, Wellington Management, Bay Capital, Novo Holdings, Joe Zakrzewski and 4 others.
Which companies are comparable to SiteOne Therapeutics?Companies comparable to SiteOne Therapeutics include BenevolentAI, Obsidian Therapeutics, FibroGen, Umoja Biopharma, Expedition Therapeutics and Arbutus Biopharma.

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