US-based gene therapy developer 4D Molecular Therapeutics (4DMT) refiled for an initial public offering on Tuesday, giving pharmaceutical firms Pfizer and Chiesi Group the chance to exit.
The company has filed to raise up to $75m in an offering on the Nasdaq Global Market, the same market where it originally filed for a $100m IPO in September 2019 before withdrawing that application in July. Goldman Sachs, BofA Securities and Evercore Group are the underwriters.
4DMT is developing drugs based on adeno-associated viruses it has invented. The IPO takings will fund progress of drug candidates including 4D-310 and 4D-125, treatments for a rare genetic disorder called Fabry disease and X-linked retinitis pigmentosa, which causes blindness – both of which are in phase 1/2 clinical trials.
Hedge fund manager Viking Global Investors led a $75m series C round for 4DMT five months ago that included Pfizer Ventures and Chiesi Ventures, which invested on behalf of their corporate parents.
MiraeAsset, Berkeley Catalyst Fund, Cystic Fibrosis Foundation, Amzak Health, Longevity Vision Fund, BVF Partners, Arrowmark Partners, Ridgeback Capital Investments, Perceptive Advisors, Pappas Capital, Casdin Capital, Longevity Vision Fund, Octagon Investments and Quad Investment Management also took part.
The company had secured $90m in a 2018 series B round featuring Pfizer Ventures, Chiesi Ventures, Viking Global, CureDuchenne Ventures, Berkeley Catalyst Fund, ArrowMark Partners, Janus Henderson Investors, Biotechnology Value Fund, MiraeAsset, Perceptive Advisors and Ridgeback Capital Investments.
The series B round came in the wake of at least $21.6m in earlier funding from investors including research laboratory Cystic Fibrosis Foundation Therapeutics. Viking Global is 4DMT’s largest investor, with a 16.9% stake, followed by Pfizer (9.7%) and BVF (5.4%).
