Intarcia Therapeutics was a U.S. biopharmaceutical company developing implantable drug delivery systems based on its proprietary Medici Drug Delivery System, a matchstick-sized osmotic mini-pump implanted under the skin to release medication continuously over months. Its lead product, ITCA 650, used the device to deliver the GLP-1 agonist exenatide for type 2 diabetes for up to six months per implant. Founded in 1995 as BioMedicines, the company renamed to Intarcia in 2004, moved its headquarters from Hayward, California to Boston in 2013, and became one of biotech's most prominent unicorns, valued at roughly $5.5 billion in 2016 and backed by investors including the Bill & Melinda Gates Foundation, Baupost Group, RA Capital and Venrock. The FDA issued a Complete Response Letter on ITCA 650 in September 2017 over manufacturing concerns and rejected the resubmission a second time in March 2020 citing safety concerns including acute kidney injury, after which the company terminated operations. Intarcia engaged Sherwood Partners in late 2020 to wind down via an Assignment for the Benefit of Creditors, and its remaining assets including the ITCA 650 program were acquired by startup i2o Therapeutics in August 2023.
Intarcia Therapeutics has been acquired
This company is no longer available on our private secondary market.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
1995
Total Funding
$1.72B
9 rounds
Latest Valuation
$3.5B
August 2017
Total raised $1.72B across 9 rounds
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Last updated 06-25-2026
Latest Round
Type
Series EE
Date
September 2016
Amount
$215M
Valuation
$3.5B
Lead Investors
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| August 2017 | Series J | $525M | — | Not disclosed |
| December 2016 | Series EE Second Close | $206M | — | Not disclosed |
| September 2016 | Series EE | $215M | $3.5B | Not disclosed |
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Valuation indexed to 1.0× at the selected entry round. Valuation marks are estimates and may contain errors. Hover each dot to compare.
Entry · Synthetic Royalty Financing
$5.5B
Apr 2015
Intarcia Therapeutics today
$3.5B
Sep 2016 · latest mark
Intarcia Therapeutics multiple
0.6x
valuation uplift since first round
Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.
Kurt Graves
Former Chairman, President and CEO
Competitor list is illustrative and may be incomplete, stale, or erroneous.
Novo Nordisk
Danish pharmaceutical giant and dominant maker of GLP-1 diabetes therapies (Ozempic, Victoza, Rybelsus) that competed with the ITCA 650 exenatide implant.
Eli Lilly
U.S. pharma developing leading GLP-1 and dual-agonist diabetes/obesity drugs (Trulicity, Mounjaro) directly competing with implantable GLP-1 delivery.
AstraZeneca
Marketer of Bydureon, an extended-release exenatide injection that overlapped directly with ITCA 650's exenatide payload.
i2o Therapeutics
Boston startup founded by former Intarcia CEO Kurt Graves that acquired the ITCA 650 program and Medici delivery platform in 2023 to attempt a relaunch.
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