On May 27, 2025, Eli Lilly acquired SiteOne Therapeutics for up to one billion dollars in cash. On May 20, 2015, Next Frontier Capital authored our very first investment memo arguing to make a $400,000 investment in SiteOne’s seed round. Ten years and one week to the day.

Since its inception, SiteOne has been dedicated to the development of safe and effective pain therapeutics without the significant addiction potential and side effects of opioids. We first met SiteOne through the then VP of Research at Montana State University, Renee Reijo Pera. SiteOne’s then CEO, Stan Abel, lived in Bozeman and the core team split across South San Francisco and Montana.

The journey from pre-clinical seed investment to unicorn status is a living case study to the power of persistence, mission, and commitment. At Next Frontier Capital, we invest in mission-driven founders building companies of impact, utility, and value, and SiteOne is a remarkable example of mission, ridding the world of opioid-based addiction while relieving chronic pain. The journey attracted remarkable talent, exemplified by Co-Founder and CEO, John Mulcahy, Ph.D., John C Hunter, CSO, and others, who worked through an array of challenges, innovations, market cycles with good humor, focus, and a belief the value and merit of the work and its potential impact on patient lives. We are grateful to the entire SiteOne team for their commitment and perseverance and look forward to the day patients are able to benefit from their work and innovation.