Sector portfolio · Private equity · United States

TPG's Biotech portfolio

TPG has backed 26 Biotech startups in rounds we track, $3.5B between them, shown by the stage each has reached. The best-funded is Ultragenyx Pharmaceutical.

26startups backed
5stages
$3.5Braised between them
Series Bbiggest stage

TPG's whole portfolioTPG's profile

Series B

7

Stage not reported

6

Series C and later

5

Series A

5

Growth

3

Segment by segment

Series B

7 startups · $436M raised

  1. CalmCalm, officially known as Calm.com, Inc., is a prominent American software company based in San Francisco, California.United States$143M
  2. FPFusion PharamaceuticalsCanada$105M
  3. MBrace TherapeuticsMBrace Therapeutics is a clinical-stage biopharmaceutical company founded in 2020 and based in San Diego, California.United States$85M
  4. ETEntasis TherapeuticsUnited States$39M
  5. PProgynyUnited States$25M
  6. AAdynxxUnited States$24M
  7. Avidity NanoMedicinesAvidity NanoMedicines is has changed its name to Avidity Biosciences.United States$15M

Stage not reported

6 startups · $695M raised

  1. Allogene TherapeuticsAllogene Therapeutics is a biotechnology company catalyzing cancer treatment through the development of CAR T therapy.United States$310M
  2. ABAsklepios BioPharmaceuticalsUnited States$235M
  3. SPSasuma PharmaceuticalsUnited States$62M
  4. Precision Medicine GroupPrecision Medicine Group specializes in medicine development and commercialization services for pharmaceutical and life-science companies.-$35M
  5. NodalityNodality develops biologically-informed clinical treatments for patients with cancer and autoimmune diseases.United States$27M
  6. PPatientSafeUnited States$25M

Series C and later

5 startups · $1.2B raised

  1. Trevi TherapeuticsTrevi Therapeutics is a clinical-stage biopharmaceutical company that develops drugs for treating uremic pruritus.United States$386M
  2. Odyssey TherapeuticsOdyssey Therapeutics creates precision immunomodulators and oncology medicines for patients with cancer and inflammatory diseases.United States$238M
  3. ADCendoAdcendo ApS is a clinical-stage biotechnology company based in Frederiksberg, Copenhagen, Denmark, with operational offices in BosDenmark$210M
  4. Unchained LabsUnchained Labs is a developer of life science biologics tools designed to help researchers break free from tools that just don't cut it.United States$193M
  5. DNAnexusDNAnexus develops a cloud platform and global network designed for scientific collaboration and accelerated discovery.United States$173M

Series A

5 startups · $413M raised

  1. Ouro MedicinesOuro Medicines is a biotechnology company based in South San Francisco, established in 2025 by Monograph Capital in partnership with GSK.United States$120M
  2. Satsuma PharmaceuticalsSatsuma Pharmaceuticals is a clinical-stage biopharmaceutical company engaged in developing a novel therapeutic product.United States$92M
  3. Fusion PharmaceuticalsFusion Pharmaceuticals is a clinical-stage oncology company focused on developing radiopharmaceuticals.Canada$85M
  4. GPGenoa PharmaceuticalsGenoa Pharmaceuticals developes improved therapies for the treatment of Idiopathic Pulmonary Fibrosis (IPF).United States$63M
  5. CarismaCarisma is a provider of outsourced managed IT services.United States$53M

Growth

3 startups · $711M raised

  1. Ultragenyx PharmaceuticalUltragenyx Pharmaceutical focuses on the development of various products for the treatment of rare and ultra-rare diseases.United States$535M
  2. FPFive Prime TherapeuticsFivePrime is a clinical-stage biotechnology company that develops treatments for cancers.United States$146M
  3. Solara Active PharmaSolara Active Pharma Sciences is a young, dynamic, entrepreneurial and customer oriented API manufacturer.India$30M

How this map is made. Every startup here works in Biotech and has raised money in a round we track that names TPG as an investor. Each sits under the stage of its latest round. Rebuilt nightly; updated 15 November 2026.

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