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- SiteOne Therapeutics
SiteOne Therapeutics Acquisition, Valuation, Funding & Investors
SiteOne Therapeutics was acquired by Eli Lilly for $1B in 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
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
Website
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 27 May 2025 | Strategic 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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2024 | Series C | Novo Holdings (lead); Wellington Management; BSQUARED Capital; OrbiMed; Mission BioCapital | $100M | SiteOne 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 2017 | Series B | Amgen (lead); 2M Companies; BioBrit; Z Investments; NEXT Frontier Capital; Mission Bay Capital; Mission BioCapital; Sears Capital Management | $15M | SiteOne 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 2015 | Seed | NEXT Frontier Capital (lead); BioBrit; Mission Bay Capital; Sears Capital Management | $1M | - |
| Sep 2014 | Series A | Sears 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Sep 2014 | ||
| 3 | Lead | Sep 2014 | ||
| 2 | Lead | Jul 2015 | ||
| 2 | Participant | Jul 2015 | ||
| 2 | Participant | Jan 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Dec 2024 | ||
| 1 | Participant | Sep 2014 | ||
| 1 | Lead | Dec 2024 | ||
| 1 | Participant | Sep 2014 | ||
| -- | 1 | Participant | Jan 2017 | |
| 1 | Lead | Jan 2017 | ||
This data is available for Pro users. Sign up to see all 14 SiteOne 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 TrialSiteOne 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $10M | - | $1B | 100.0x | ||
| Publicly listed | - | ($104M) | $1.1B | - | ||
| Private | $108M | - | $1.2B | 11.3x | ||
| Private | - | - | $800M | - | ||
| Private | - | - | $650M | - | ||
| Publicly listed | $14M | ($37M) | $1B | 6.8x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $14M | ($37M) | 64.6x | 6.8x | (24.6x) | - | |||
| $4M | ($141M) | 261.1x | 239.4x | (7.0x) | (57.8x) | |||
| $2.4B | $314M | 0.8x | 0.8x | 6.0x | 7.3x | |||
| $530M | $144M | 2.5x | - | 9.2x | - | |||
| - | ($153M) | - | - | (5.4x) | (4.8x) | |||
| $24M | ($263M) | 22.6x | 47.6x | (2.1x) | (1.5x) | |||
| $204M | $23M | 4.5x | - | 40.5x | - | |||
| $605M | $127M | 1.3x | 1.3x | 5.9x | 5.9x | |||
This data is available for Pro users. Sign up to see all SiteOne Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
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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