# TPG's Biotech Investments: 26 Startups in Its Portfolio (2026) > The 26 Biotech startups TPG has backed, by stage: $3.5B raised between them. From the rounds we track; updated nightly. Source: https://millionrounds.com/portfolio-maps/tpg-biotech-portfolio (Millionrounds; every figure on the page links to its filing or article) ## Series B 7 - [Calm](https://millionrounds.com/company/calm) - [*FP* Fusion Pharamaceuticals](https://millionrounds.com/company/fusion-pharamaceuticals) - [MBrace Therapeutics](https://millionrounds.com/company/mbrace-therapeutics) - [*ET* Entasis Therapeutics](https://millionrounds.com/company/entasis-therapeutics) - [*P* Progyny](https://millionrounds.com/company/progyny) - [*A* Adynxx](https://millionrounds.com/company/adynxx) - [Avidity NanoMedicines](https://millionrounds.com/company/avidity-nanomedicines) ## Stage not reported 6 - [Allogene Therapeutics](https://millionrounds.com/company/allogene-therapeutics) - [*AB* Asklepios BioPharmaceuticals](https://millionrounds.com/company/asklepios-biopharmaceuticals) - [*SP* Sasuma Pharmaceuticals](https://millionrounds.com/company/sasuma-pharmaceuticals) - [Precision Medicine Group](https://millionrounds.com/company/precision-medicine-group) - [Nodality](https://millionrounds.com/company/nodality) - [*P* PatientSafe](https://millionrounds.com/company/patientsafe) ## Series C and later 5 - [Trevi Therapeutics](https://millionrounds.com/company/trevi-therapeutics) - [Odyssey Therapeutics](https://millionrounds.com/company/odyssey-therapeutics) - [ADCendo](https://millionrounds.com/company/adcendo) - [Unchained Labs](https://millionrounds.com/company/unchained-labs) - [DNAnexus](https://millionrounds.com/company/dnanexus) ## Series A 5 - [Ouro Medicines](https://millionrounds.com/company/ouro-medicines) - [Satsuma Pharmaceuticals](https://millionrounds.com/company/satsuma-pharmaceuticals) - [Fusion Pharmaceuticals](https://millionrounds.com/company/fusion-pharmaceuticals) - [*GP* Genoa Pharmaceuticals](https://millionrounds.com/company/genoa-pharmaceuticals) - [Carisma](https://millionrounds.com/company/carisma) ## Growth 3 - [Ultragenyx Pharmaceutical](https://millionrounds.com/company/ultragenyx-pharmaceutical) - [*FP* Five Prime Therapeutics](https://millionrounds.com/company/five-prime-therapeutics) - [Solara Active Pharma](https://millionrounds.com/company/solara-active-pharma) ## Segment by segment ### Series B 7 startups · $436M raised - [**Calm**](https://millionrounds.com/company/calm) Calm, officially known as Calm.com, Inc., is a prominent American software company based in San Francisco, California. United States $143M - [*FP* **Fusion Pharamaceuticals**](https://millionrounds.com/company/fusion-pharamaceuticals) Canada $105M - [**MBrace Therapeutics**](https://millionrounds.com/company/mbrace-therapeutics) MBrace Therapeutics is a clinical-stage biopharmaceutical company founded in 2020 and based in San Diego, California. United States $85M - [*ET* **Entasis Therapeutics**](https://millionrounds.com/company/entasis-therapeutics) United States $39M - [*P* **Progyny**](https://millionrounds.com/company/progyny) United States $25M - [*A* **Adynxx**](https://millionrounds.com/company/adynxx) United States $24M - [**Avidity NanoMedicines**](https://millionrounds.com/company/avidity-nanomedicines) Avidity NanoMedicines is has changed its name to Avidity Biosciences. United States $15M ### Stage not reported 6 startups · $695M raised - [**Allogene Therapeutics**](https://millionrounds.com/company/allogene-therapeutics) Allogene Therapeutics is a biotechnology company catalyzing cancer treatment through the development of CAR T therapy. United States $310M - [*AB* **Asklepios BioPharmaceuticals**](https://millionrounds.com/company/asklepios-biopharmaceuticals) United States $235M - [*SP* **Sasuma Pharmaceuticals**](https://millionrounds.com/company/sasuma-pharmaceuticals) United States $62M - [**Precision Medicine Group**](https://millionrounds.com/company/precision-medicine-group) Precision Medicine Group specializes in medicine development and commercialization services for pharmaceutical and life-science companies. - $35M - [**Nodality**](https://millionrounds.com/company/nodality) Nodality develops biologically-informed clinical treatments for patients with cancer and autoimmune diseases. United States $27M - [*P* **PatientSafe**](https://millionrounds.com/company/patientsafe) United States $25M ### Series C and later 5 startups · $1.2B raised - [**Trevi Therapeutics**](https://millionrounds.com/company/trevi-therapeutics) Trevi Therapeutics is a clinical-stage biopharmaceutical company that develops drugs for treating uremic pruritus. United States $386M - [**Odyssey Therapeutics**](https://millionrounds.com/company/odyssey-therapeutics) Odyssey Therapeutics creates precision immunomodulators and oncology medicines for patients with cancer and inflammatory diseases. United States $238M - [**ADCendo**](https://millionrounds.com/company/adcendo) Adcendo ApS is a clinical-stage biotechnology company based in Frederiksberg, Copenhagen, Denmark, with operational offices in Bos Denmark $210M - [**Unchained Labs**](https://millionrounds.com/company/unchained-labs) Unchained 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 - [**DNAnexus**](https://millionrounds.com/company/dnanexus) DNAnexus develops a cloud platform and global network designed for scientific collaboration and accelerated discovery. United States $173M ### Series A 5 startups · $413M raised - [**Ouro Medicines**](https://millionrounds.com/company/ouro-medicines) Ouro Medicines is a biotechnology company based in South San Francisco, established in 2025 by Monograph Capital in partnership with GSK. United States $120M - [**Satsuma Pharmaceuticals**](https://millionrounds.com/company/satsuma-pharmaceuticals) Satsuma Pharmaceuticals is a clinical-stage biopharmaceutical company engaged in developing a novel therapeutic product. United States $92M - [**Fusion Pharmaceuticals**](https://millionrounds.com/company/fusion-pharmaceuticals) Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing radiopharmaceuticals. Canada $85M - [*GP* **Genoa Pharmaceuticals**](https://millionrounds.com/company/genoa-pharmaceuticals) Genoa Pharmaceuticals developes improved therapies for the treatment of Idiopathic Pulmonary Fibrosis (IPF). United States $63M - [**Carisma**](https://millionrounds.com/company/carisma) Carisma is a provider of outsourced managed IT services. United States $53M ### Growth 3 startups · $711M raised - [**Ultragenyx Pharmaceutical**](https://millionrounds.com/company/ultragenyx-pharmaceutical) Ultragenyx Pharmaceutical focuses on the development of various products for the treatment of rare and ultra-rare diseases. United States $535M - [*FP* **Five Prime Therapeutics**](https://millionrounds.com/company/five-prime-therapeutics) FivePrime is a clinical-stage biotechnology company that develops treatments for cancers. United States $146M - [**Solara Active Pharma**](https://millionrounds.com/company/solara-active-pharma) Solara 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. ## More portfolio maps [All portfolios](https://millionrounds.com/portfolio-maps) [Sector portfolio **TPG's Fintech portfolio** 10 startups · $4.1B](https://millionrounds.com/portfolio-maps/tpg-fintech-portfolio)[Co-investors **Who invests with TPG** 119 co-investors](https://millionrounds.com/portfolio-maps/tpg-co-investors)[Portfolio map **TPG portfolio map** 90 startups · $437B](https://millionrounds.com/portfolio-maps/tpg-portfolio-map)[Sector portfolio **RA Capital Management's Biotech portfolio** 197 startups · $38B](https://millionrounds.com/portfolio-maps/ra-capital-management-biotech-portfolio)[Sector portfolio **OrbiMed's Biotech portfolio** 176 startups · $28B](https://millionrounds.com/portfolio-maps/orbimed-biotech-portfolio)[Sector portfolio **Pioneer Fund's AI portfolio** 171 startups · $2.8B](https://millionrounds.com/portfolio-maps/pioneer-fund-2-ai-portfolio) ## Raising from investors like TPG? 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