T3 Pharmaceuticals Acquisition, Valuation, Funding & Investors

T3 Pharmaceuticals was acquired by Boehringer Ingelheim for $508M in November 2023.

T3 Pharmaceuticals acquisition price

$508M

Acquired by Boehringer Ingelheim · Nov 2023

Cumulative funding T3 Pharmaceuticals raised

$39M

across 2 funding rounds

Key investors in T3 Pharmaceuticals

  • Boehringer Ingelheim Venture Fund
  • Reference Capital SA
  • Wille Finance

T3 Pharmaceuticals Overview

About T3 Pharmaceuticals

T3 Pharmaceuticals is a Basel-based biotechnology company developing bacterial therapies for cancer treatment using engineered Salmonella strains. Its lead candidate, T3D-917, selectively targets hypoxic tumor cores to deliver antigens and cytokines, triggering immune responses in solid tumors like pancreatic and ovarian cancers. The platform's live bacteria navigate solid tumors post-intravenous administration, with preclinical data supporting Phase 1 trials in Switzerland.


Founded

2015

HQ

SwitzerlandBasel

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$508M (acquired Nov 2023)

T3 Pharmaceuticals Acquisition

T3 Pharmaceuticals was acquired by Boehringer Ingelheim for $508M on 22 November 2023.

Before the acquisition T3 Pharmaceuticals had raised $39M across 2 funding rounds.

T3 Pharmaceuticals AG, a clinical-stage Swiss biotech company spun off from the University of Basel’s Biozentrum in 2015 and headquartered in Allschwil near Basel, develops a proprietary bacterial delivery platform using engineered Yersinia enterocolitica bacteria to selectively deliver immune-modulating proteins directly into tumor microenvironments, sparing healthy tissues. The platform enables combination immuno-oncology therapies in a single agent and supports its lead asset T3P-Y058-739, currently in Phase I trials for advanced solid tumors (NCT05120596). Boehringer Ingelheim, a German family-owned pharmaceutical company, acquired T3 Pharma on November 21, 2023, for up to 450 million CHF (approximately $509 million or $508 million USD), adding the technology to its oncology portfolio after previously co-leading T3’s $27 million Series C round in 2020. The acquisition expands Boehringer Ingelheim’s immuno-oncology pipeline, synergizing with existing R&D programs including T-cell engagers, oncolytic viruses, and cancer vaccines to activate cold tumors and increase immunotherapy remission rates beyond 15-20%. Michel Pairet, Boehringer’s Board Member for the Innovation Unit, stated it advances the vision of revolutionizing cancer care, while T3 CEO Simon Ittig highlighted acceleration of the platform against solid cancers. T3 Pharma’s operations remain in the Basel region post-acquisition, with no specific upfront payment or milestone breakdowns disclosed beyond the total cap.

T3 Pharmaceuticals acquisition details
AcquirerDateTypePrice
  • Boehringer Ingelheim
22 Nov 2023Strategic M&A$508M

T3 Pharmaceuticals Funding History

T3 Pharmaceuticals has raised a total of $39M across 2 funding rounds.

T3 Pharmaceuticals' first fundraising round was a $12M Series B in September 2019. The most recent completed round was a $27M Series C in July 2020.

T3 Pharmaceuticals funding rounds

T3 Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2020Series CBoehringer Ingelheim Venture Fund (lead); Wille Finance (lead); Reference Capital SA$27M-
Sep 2019Series BBoehringer Ingelheim Venture Fund (lead); Reference Capital SA$12MT3 Pharmaceuticals AG, a Basel-based immuno-oncology company founded in 2015 as a spin-off from the University of Basel, closed its second financing round of over 12M CHF on September 26, 2019, with existing investors joined by Boehringer Ingelheim Venture Fund and Reference Capital SA. The funds supported completion of preclinical work, entry into the clinical phase, appointment of Claire Barton as Chief Medical Officer, strengthening of the development team, and formation of a clinical advisory board. The company develops highly specific and efficient cancer therapies using live bacteria to deliver immune-modulating proteins to tumors. T3 Pharmaceuticals had received initial investments from Boehringer Ingelheim Venture Fund prior to its acquisition by Boehringer Ingelheim in 2023 for up to 450 million CHF. The technology platform, recognized with the Falling Walls Science Breakthrough of the Year in the Science Start-ups category in 2018, harnesses natural behaviors of live bacteria for innovative cancer treatments now in clinical studies.

Who has invested in T3 Pharmaceuticals?

3 investors have backed T3 Pharmaceuticals across its funding rounds, including Boehringer Ingelheim Venture Fund, Reference Capital SA and Wille Finance.

Lead investors include Boehringer Ingelheim Venture Fund and Wille Finance.


T3 Pharmaceuticals Investors

Investors in T3 Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check
Boehringer Ingelheim Venture FundGermanyIngelheim am Rhein2LeadSep 2019

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T3 Pharmaceuticals Competitors

T3 Pharmaceuticals competitors include listed companies like Vogenx, Pharmicell, Autolus Therapeutics and Ever Supreme Bio Technology, and private ones like Dewpoint Therapeutics and Bambusa Therapeutics.

Public and private companies comparable to T3 Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VogenxUnited StatesUnited StatesPublicly listed-($1M)$507M-
PharmicellSouth KoreaSouth KoreaPublicly listed$83M$27M$506M6.2x
Dewpoint TherapeuticsUnited StatesBoston, MAPrivate--$504M-
Autolus TherapeuticsUnited StatesUnited StatesPublicly listed$75M($258M)$512M3.1x
Ever Supreme Bio TechnologyTaiwanTaiwanPublicly listed$32M$16M$501M14.6x
Bambusa TherapeuticsUnited StatesBoston, MAPrivate--$515M-

T3 Pharmaceuticals Public Comps

T3 Pharmaceuticals is no longer listed, but its public comps include Vogenx, Pharmicell, Autolus Therapeutics, Ever Supreme Bio Technology, Kamada, Assembly Biosciences, Boiron, Onconic Therapeutics, Contineum Therapeutics and Avacta Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vogenx-($1M)--(349.7x)-
Pharmicell$83M$27M5.7x6.2x17.6x18.6x
Autolus Therapeutics$75M($258M)5.2x3.1x(1.5x)(1.8x)
Ever Supreme Bio Technology$32M$16M14.9x14.6x29.1x-
Kamada$180M$37M2.5x2.3x11.9x9.2x
Assembly Biosciences$72M($12M)2.7x3.0x(16.5x)9.1x
Boiron$577M$83M0.8x-5.3x-
Onconic Therapeutics$39M$9M11.7x-48.5x-

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Common questions about T3 Pharmaceuticals

When was T3 Pharmaceuticals founded?T3 Pharmaceuticals was founded in 2015.
Where is T3 Pharmaceuticals headquartered?T3 Pharmaceuticals is headquartered in Basel, Switzerland.
Is T3 Pharmaceuticals publicly listed?No, T3 Pharmaceuticals was acquired by Boehringer Ingelheim in November 2023.
Who acquired T3 Pharmaceuticals?T3 Pharmaceuticals was acquired by Boehringer Ingelheim in November 2023.
How much was T3 Pharmaceuticals acquired for?T3 Pharmaceuticals was acquired for $508M in November 2023.
How much funding has T3 Pharmaceuticals raised?T3 Pharmaceuticals has raised $39M across 2 funding rounds.
What was T3 Pharmaceuticals' last funding round?T3 Pharmaceuticals' last funding round was a $27M Series C in July 2020, led by Boehringer Ingelheim Venture Fund and Wille Finance.
Who are T3 Pharmaceuticals' investors?T3 Pharmaceuticals' investors include Boehringer Ingelheim Venture Fund, Reference Capital SA and Wille Finance.
Which companies are comparable to T3 Pharmaceuticals?Companies comparable to T3 Pharmaceuticals include Vogenx, Pharmicell, Dewpoint Therapeutics, Autolus Therapeutics, Ever Supreme Bio Technology and Bambusa Therapeutics.

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