GenSight Biologics, a France-based biotechnology company backed by pharmaceutical firm Novartis, filed for an initial public offering in the US on Tuesday that could raise up to $100m.
Founded in 2011, GenSight is developing treatments for mitochondrial and neurodegenerative eye diseases, and intends to expand its gene therapy-based technology to treat diseases of the central nervous system.
The IPO proceeds will be spent on preclinical and clinical development of two of the company’s product candidates, both of which will combat sight-threatening retinal degenerative diseases.
Novartis Venture Fund, a corporate venturing subsidiary of Novartis, co-led GenSight’s only publicly disclosed funding round, a $41.8m series A round in 2013, with venture capital firms Abingworth, Versant Ventures and Index Ventures.
Novartis is GenSight’s largest shareholder and owns a 20.4% stake. Other prominent shareholders include Abingworth and Versant (17.1% each), Fidelity (9.4%) and Vitavest (7.5%).
Leerink Partners, Evercore Partners and Canaccord Genuity are the joint bookrunners for the offering, which will take place on Nasdaq.