SpringWorks Therapeutics Acquisition, Valuation, Funding & Investors

SpringWorks Therapeutics was acquired by Merck KGaA for $3.4B in April 2025, a 17.8x multiple on $192M of revenue.

SpringWorks Therapeutics acquisition price

$3.4B

Acquired by Merck KGaA · Apr 2025

SpringWorks Therapeutics revenue at acquisition

$192M

Last twelve months · Apr 2025

SpringWorks Therapeutics revenue multiple at acquisition

17.8x

EV/Revenue · Apr 2025

Cumulative funding SpringWorks Therapeutics raised

$228M

across 2 funding rounds

SpringWorks Therapeutics Overview

About SpringWorks Therapeutics

SpringWorks Therapeutics is a Stamford-headquartered clinical-stage biopharmaceutical company developing precision oncology medicines. The lead candidate nirogacestat targets desmoid tumors and received FDA approval in 2023. Pipeline includes gamma secretase inhibitors for solid tumors with Notch pathway activation. Founded in 2017, SpringWorks partners with Roche and Bayer, advancing Phase 3 trials across multiple cancers. The firm trades on NASDAQ under SWTX.


Founded

2017

HQ

United StatesStamford, CT

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$192M (Apr 2025)

Valuation

$3.4B (acquired Apr 2025)

SpringWorks Therapeutics Acquisition

SpringWorks Therapeutics was acquired by Merck KGaA for $3.4B on 28 April 2025.

The acquisition price implies a 17.8x revenue multiple on $192M of revenue.

Before the acquisition SpringWorks Therapeutics had raised $228M across 2 funding rounds.

SpringWorks Therapeutics acquisition details
AcquirerDateTypePriceEV/Revenue
28 Apr 2025Strategic M&A$3.4B17.8x

SpringWorks Therapeutics Funding History

SpringWorks Therapeutics has raised a total of $228M across 2 funding rounds.

SpringWorks Therapeutics' first fundraising round was a $103M Series A in September 2017. The most recent completed round was a $125M Series B in April 2019.

SpringWorks Therapeutics funding rounds

SpringWorks Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2019Series BPerceptive Advisors (lead); HBM Healthcare Investments (lead)$125MSpringWorks Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for patients with severe rare diseases and cancer. The company was launched in 2017 with licensed clinical therapies from Pfizer and specializes in rare oncology programs and targeted cancer treatments. On April 1, 2019, SpringWorks closed a $125 million Series B preferred stock financing round led by Perceptive Advisors, with participation from prominent investors including GlaxoSmithKline, Boxer Capital, HBM Healthcare Investments, BVF Partners, Surveyor Capital, Samsara BioCapital, ArrowMark Partners, Laurion Capital Management, Pfizer, LifeArc, OrbiMed, and Bain Capital. The financing was designated to advance two late-stage rare oncology programs toward regulatory approval and commercialization: nirogacestat, a gamma secretase inhibitor for desmoid tumors, and PD-0325901, a MEK inhibitor for neurofibromatosis type 1-associated plexiform neurofibromas. The company also planned to expand its emerging targeted oncology programs and pursue future in-licensing opportunities and clinical collaborations.
Sep 2017Series APfizer Venture Investments; LifeArc; OrbiMed; Bain Capital$103MSpringWorks Therapeutics, a Pfizer spin-out launched on September 25, 2017, completed a $103 million Series A financing led by Bain Capital Life Sciences, Bain Capital Double Impact, OrbiMed, LifeArc, and Pfizer Venture Investments. The New York-based biotech acquired global rights to four clinical-stage experimental therapies from Pfizer, focusing on underserved patient populations in rare diseases and other areas with high unmet needs. Founded by Lara Sullivan, former Pfizer VP, with Daniel Lynch as executive chairman, the company pursues a collaborative business model partnering with life science firms, academics, patient groups, and philanthropists to deliver social and financial returns. The initial pipeline includes nirogacestat (PF-03084014), a gamma-secretase inhibitor phase 3-ready for desmoid tumors, a rare non-metastatic connective tissue tumor causing severe morbidity. Other assets are a MEK 1/2 inhibitor (PD-0325901) for neurofibromatosis in collaboration with the Children's Tumor Foundation, senicapoc (PF-05416266) for hereditary xerocytosis, a rare red blood cell disorder, and PF-04457845, a FAAH inhibitor for post-traumatic stress disorder partnered with Cohen Veterans Biosciences. SpringWorks plans to expand this pipeline through additional partnerships. Pfizer's involvement includes equity investment and royalty- and milestone-bearing licenses, marking a novel model for advancing stalled internal programs externally. Leaders like Pfizer's Freda Lewis-Hall highlighted it as a groundbreaking collaboration to realize patient value from promising research. As a standalone independent entity, SpringWorks operates with flexibility to repurpose compounds from other sources, starting with a small team including L. Mary Smith as VP of clinical R&D.

Who has invested in SpringWorks Therapeutics?

6 investors have backed SpringWorks Therapeutics across its funding rounds, including OrbiMed, Bain Capital, Perceptive Advisors, HBM Healthcare Investments, Pfizer Venture Investments and LifeArc.

Lead investors include Perceptive Advisors and HBM Healthcare Investments.


SpringWorks Therapeutics Investors

Investors in SpringWorks Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
Pfizer Venture InvestmentsUnited StatesNew York City, NY1ParticipantSep 2017
HBM Healthcare InvestmentsSwitzerlandZug1LeadApr 2019
LifeArcUnited KingdomLondon1ParticipantSep 2017
OrbiMedUnited StatesNew York City, NY1ParticipantSep 2017

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SpringWorks Therapeutics Competitors

SpringWorks Therapeutics competitors include listed companies like Tianjin Pharma, CR Pharmaceutical, Legend Biotech and China Medical System, and private ones like Sinovac Life Sciences and Cytovant.

Public and private companies comparable to SpringWorks Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Tianjin PharmaChinaChinaPublicly listed$733M$383M$3.4B-
CR PharmaceuticalChinaChinaPublicly listed$40B$2.6B$3.4B0.5x
Legend BiotechUnited StatesUnited StatesPublicly listed$1B($272M)$3.4B2.1x
China Medical SystemChinaChinaPublicly listed$1.2B$344M$3.4B2.0x
Sinovac Life SciencesChinaBeijingPrivate--$3.3B-
CytovantChinaShanghaiPrivate--$3.3B-

SpringWorks Therapeutics Public Comps

SpringWorks Therapeutics is no longer listed, but its public comps include Tianjin Pharma, CR Pharmaceutical, Legend Biotech, China Medical System, Viking Therapeutics, Dyne Therapeutics, Laboratorios Rovi, Hubei Jumpcan, Hualan Biological Engineering and Arcutis Biotherapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tianjin Pharma$733M$383M4.1x-7.9x-
CR Pharmaceutical$40B$2.6B0.5x0.5x7.3x7.6x
Legend Biotech$1B($272M)2.7x2.1x(10.0x)(641.4x)
China Medical System$1.2B$344M2.2x2.0x7.9x7.9x
Viking Therapeutics-($393M)--(7.5x)(5.9x)
Dyne Therapeutics-($468M)--(5.8x)(4.5x)
Laboratorios Rovi$856M$248M4.0x3.9x13.9x14.2x
Hubei Jumpcan$927M$360M2.1x2.1x5.3x-

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Common questions about SpringWorks Therapeutics

When was SpringWorks Therapeutics founded?SpringWorks Therapeutics was founded in 2017.
Where is SpringWorks Therapeutics headquartered?SpringWorks Therapeutics is headquartered in Stamford, CT, United States.
Is SpringWorks Therapeutics publicly listed?No, SpringWorks Therapeutics was acquired by Merck KGaA in April 2025.
Who acquired SpringWorks Therapeutics?SpringWorks Therapeutics was acquired by Merck KGaA in April 2025.
How much was SpringWorks Therapeutics acquired for?SpringWorks Therapeutics was acquired for $3.4B in April 2025, a 17.8x revenue multiple.
How much funding has SpringWorks Therapeutics raised?SpringWorks Therapeutics has raised $228M across 2 funding rounds.
What was SpringWorks Therapeutics' last funding round?SpringWorks Therapeutics' last funding round was a $125M Series B in April 2019, led by Perceptive Advisors and HBM Healthcare Investments.
Who are SpringWorks Therapeutics' investors?SpringWorks Therapeutics' investors include Pfizer Venture Investments, HBM Healthcare Investments, LifeArc, OrbiMed, Bain Capital and Perceptive Advisors.
Which companies are comparable to SpringWorks Therapeutics?Companies comparable to SpringWorks Therapeutics include Tianjin Pharma, CR Pharmaceutical, Legend Biotech, China Medical System, Sinovac Life Sciences and Cytovant.

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