US-based drug delivery platform developer Entrada Therapeutics has filed for an initial public offering (IPO) on the Nasdaq Global Market, marking a potential exit for pharmaceutical firms Merck & Co and Roche.
Entrada has developed endosomal escape vehicle (EEV) technology that is designed to help medication reach inside both large and small cells to treat genetic diseases.
Proceeds from the IPO will be used to advance its leading therapeutic candidate, the Duchenne muscular dystrophy-targeted ENTR-601-44, into clinical trials, advance the company’s myotonic dystrophy drugs through the Investigational New Drug application process and develop its EEV drug portfolio for other genetic diseases.
Entrada last raised money in a $116m series B round in March this year led by fund manager Wellington Management that also featured Roche unit Roche Venture Fund and Merck’s MRL Ventures Fund.
Non-profit organisation CureDuchenne’s investment arm, Cure Duchenne Ventures, also took part, as did Redmile Group, Greenspring Associates, TCG Crossover, Moore Strategic Ventures, Point72, Qatar Investment Authority, Goldman Sachs, AM Ventures, MPM Capital, Agent Capital and an unnamed investment firm.
Roche Venture Fund and MRL Ventures Fund had already joined 5AM Ventures, MPM Capital and Agent Capital in a $59m series A round for the company in 2018. Entrada had previously raised $600,000 from two investors in a 2016 seed round, according to a regulatory filing.
MPM Capital stands as Entrada’s largest shareholder, holding a 20.7% stake, followed by 5AM Ventures (20%), Roche Finance (13.5%) and MRL Ventures Fund (8.3%). Goldman Sachs, Cowen and Evercore are joint bookrunners for the offering.
