Versanis Bio Acquisition, Valuation, Funding & Investors

Versanis Bio was acquired by Eli Lilly for $1.9B in July 2023.

Versanis Bio acquisition price

$1.9B

Acquired by Eli Lilly · Jul 2023

Cumulative funding Versanis Bio raised

$70M

across 1 funding round

Key investors in Versanis Bio

  • Atlas Venture
  • Medicxi
  • TCG Crossover
  • Aditum Bio

Versanis Bio Overview

About Versanis Bio

Versanis Bio is a San Diego-based biopharmaceutical company developing bimagrumab, a monoclonal antibody targeting activin type II receptors to reduce fat mass while preserving muscle. The drug has completed over a dozen Novartis-sponsored trials involving 1,500 participants, showing improvements in HbA1c and cardiometabolic markers. Acquired by Eli Lilly in 2023, Versanis advances treatments for obesity and type 2 diabetes.


Founded

2021

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$1.9B (acquired Jul 2023)

Versanis Bio Acquisition

Versanis Bio was acquired by Eli Lilly for $1.9B on 14 July 2023.

Before the acquisition Versanis Bio had raised $70M across 1 funding round.

Versanis Bio acquisition details
AcquirerDateTypePrice
14 Jul 2023Strategic M&A$1.9B

Versanis Bio Funding History

Versanis Bio has raised a total of $70M across 1 funding round.

Versanis Bio funding rounds

Versanis Bio funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2021Series AAtlas Venture (lead); Medicxi (lead); TCG Crossover; Aditum Bio$70MVersanis Bio, founded in 2021 by Aditum Bio, in-licensed bimagrumab from Novartis to develop it for metabolic diseases and obesity. Bimagrumab is a first-in-class monoclonal antibody targeting activin type II receptors to block ligands like myostatin, activins, and GDF11, aiming to increase muscle mass while reducing fat for better weight loss outcomes, especially in combination with incretins like semaglutide. On August 31, 2021, Versanis closed a $70 million Series A financing co-led by Atlas Venture and Medicxi, with participation from founding investor Aditum Bio. The funds were intended to advance bimagrumab into an advanced Phase 2 program for obesity treatment, positioning the company to initiate the BELIEVE Phase 2b study assessing the drug alone or with semaglutide in overweight or obese adults. Less than two years later, in 2023, Eli Lilly acquired Versanis for up to $1.925 billion in cash, including upfront and milestone payments tied to development and sales, highlighting the high potential return on the 2021 investment amid rising interest in obesity therapies. This exit validated the asset-centric strategy of investors like Medicxi. Competitively, Versanis targeted a differentiated profile in obesity by preserving or building muscle mass, addressing a limitation of existing treatments, within a booming market for cardiometabolic drugs.

Who has invested in Versanis Bio?

4 investors have backed Versanis Bio across its funding rounds, including Atlas Venture, Medicxi, TCG Crossover and Aditum Bio.

Lead investors include Atlas Venture and Medicxi.


Versanis Bio Investors

Investors in Versanis Bio by funding rounds participated
InvestorHQRoundsRoleFirst check
TCG CrossoverUnited StatesSan Francisco, CA1ParticipantAug 2021
Atlas VentureUnited StatesUnited States1LeadAug 2021

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Versanis Bio Competitors

Versanis Bio competitors include listed companies like Hemab Therapeutics, Jinyu Bio-Technology Co., Pfizer India and Alvotech, and private ones like ArsenalBio and BioRay Pharmaceuticals.

Public and private companies comparable to Versanis Bio
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hemab TherapeuticsUnited StatesUnited StatesPublicly listed-($66M)$1.9B-
Jinyu Bio-Technology Co.ChinaChinaPublicly listed$208M$47M$1.9B7.2x
Pfizer IndiaIndiaIndiaPublicly listed$263M$90M$1.9B5.9x
AlvotechUnited StatesUnited StatesPublicly listed$586M$308M$1.9B5.4x
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hemab Therapeutics-($66M)--(22.3x)(15.4x)
Jinyu Bio-Technology Co.$208M$47M8.2x7.2x36.4x29.2x
Pfizer India$263M$90M6.1x5.9x17.7x16.2x
Alvotech$586M$308M5.5x5.4x10.4x18.6x
Mesoblast$120M($35M)16.5x14.7x(57.1x)(73.4x)
Recursion Pharmaceuticals$74M($582M)19.1x26.6x(2.4x)(2.8x)
United Laboratories International$2B$461M0.6x0.6x2.5x3.6x
Eris Lifesciences$325M$115M6.6x6.2x18.5x17.4x

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Common questions about Versanis Bio

When was Versanis Bio founded?Versanis Bio was founded in 2021.
Where is Versanis Bio headquartered?Versanis Bio is headquartered in San Francisco, CA, United States.
Is Versanis Bio publicly listed?No, Versanis Bio was acquired by Eli Lilly in July 2023.
Who acquired Versanis Bio?Versanis Bio was acquired by Eli Lilly in July 2023.
How much was Versanis Bio acquired for?Versanis Bio was acquired for $1.9B in July 2023.
How much funding has Versanis Bio raised?Versanis Bio has raised $70M across 1 funding round.
What was Versanis Bio's last funding round?Versanis Bio's last funding round was a $70M Series A in August 2021, led by Atlas Venture and Medicxi.
Who are Versanis Bio's investors?Versanis Bio's investors include TCG Crossover, Atlas Venture, Aditum Bio and Medicxi.
Which companies are comparable to Versanis Bio?Companies comparable to Versanis Bio include Hemab Therapeutics, Jinyu Bio-Technology Co., Pfizer India, Alvotech, ArsenalBio and BioRay Pharmaceuticals.

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