VarmX
Established: 2015
Country: Netherlands
Region: Leiden
Investors: BioGeneration Ventures (BGV), InnovationQuarter, Ysios Capital, INKEF Capital, EQT Life Sciences (formerly LSP), Lundbeckfonden BioCapital, Sound Bioventures, European Innovation Council (EIC)
VarmX is a Dutch clinical-stage biotechnology company founded in 2016 as a spin-off from Leiden University Medical Center (LUMC) to develop innovative treatments for severe bleeding in patients taking Factor Xa direct oral anticoagulants (FXa DOACs).
Its lead candidate, VMX-C001, is a modified recombinant human Factor X inspired by research into the Australian brown snake and designed to bypass the anticoagulant effect of FXa inhibitors and rapidly restore coagulation. BGV backed VarmX from its earliest institutional financing in 2017 and led the Series A, helping build the management team and attract a broader European investor syndicate. The company subsequently advanced VMX-C001 from preclinical development into human studies and toward a global Phase 3 registrational programme. In 2025, VMX-C001 received U.S. FDA Fast Track Designation and clearance to proceed into Phase 3 development. In September 2025, VarmX entered a strategic collaboration and exclusive acquisition option agreement with CSL, securing full funding for its global Phase 3 trial, late-stage development, manufacturing and pre-launch activities. VarmX shareholders received $117 million upfront, with the overall potential transaction value exceeding $2 billion. The partnership provides a pathway to bring a potentially life-saving therapy to patients who require urgent surgery or experience severe bleeding while taking widely used anticoagulants.
John Glasspool
CEO - VarmX
The collaboration with CSL represents a transformative step for VarmX. By securing full funding for the registrational trial, product development, CMC and pre-launch activities, we are well positioned to bring VMX-C001 to patients.
>20mn
Patients globally take FXa DOACs as chronic anticoagulation therapy; around 3% experience severe bleeding or require urgent surgery.
>$2bn
Total potential deal value including milestone payments, acquisition price and sales-based payments.
>$117mn
Upfront payment from CSL for the exclusive option to acquire VarmX.
Key achievements
Founded in 2016 as a spin-off from Leiden University Medical Center, translating academic coagulation research into a potential life-saving therapy.
BGV supported VarmX from inception in 2017, led the Seed/Series A rounds and helped build the management team and broader investor syndicate.
Advanced VMX-C001 from preclinical research into first-in-human clinical development and toward a global Phase 3 registrational study.
Received U.S. FDA Fast Track Designation for VMX-C001 in September 2025.
Entered a strategic collaboration and exclusive acquisition option with CSL in September 2025, securing full funding for Phase 3, late-stage development, manufacturing and pre-launch activities.
Japanese regulator PMDA subsequently waived the requirement for a local Phase 1 study, enabling Japan to join the global Phase 3 programme.
Funding history
2017: Seed financing completed with BGV and InnovationQuarter; BGV was an early institutional investor.
2018: €7.5m Series A led by BGV and InnovationQuarter, supplemented by a €5m Dutch government Innovation Credit (total €12.5m).
2020: €32m Series B co-led by Ysios Capital and INKEF Capital; BGV and InnovationQuarter continued their support alongside new investors.
2021: Awarded up to €17.5m from the European Innovation Council Accelerator to support clinical development.
2023: Raised €30m Series B2 to support IND approval and preparations for pivotal development.
2025: Awarded a further €15m follow-on equity investment from the EIC Accelerator.
CSL agreed to pay $117m upfront and fully fund Phase 3 and late-stage development under an exclusive acquisition option agreement.
Employment impact
Built a specialist biotechnology team in Leiden around translational science originating at LUMC, with BGV explicitly involved in building the management team during the company’s early growth.
VarmX now operates from Leiden, the Netherlands, and Copenhagen, Denmark, supporting highly skilled roles across clinical development, CMC, operations and commercial preparation.
Investors
