Crispr Therapeutics, a Switzerland-based gene editing technology developer backed by pharmaceutical company Vertex Pharmaceuticals and chemicals and pharmaceuticals producer Bayer, filed for a $90m initial public offering in the US on Friday.
The $90m is a placeholder amount likely to be changed when Crispr sets the terms for the IPO. Bayer Global Investments, an affiliate of Bayer, has agreed to invest $35m in Crispr as part of a concurrent private placement.
Crispr is developing therapeutics based on Crispr/Cas9 gene editing technology, and has formed joint ventures with Bayer and Vertex to develop drug candidates using its platform. Vertex invested $30m and Bayer $35m as part of its series B round in conjunction with the deals.
The proceeds will be spent on advancing Crispr’s haemoglobinopathy program and developing more candidates along with its technology platform. The company has raised approximately $182m in total funding.
Crispr secured $25m in series A capital from venture capital firm Versant Ventures in 2014 and added $64m in series A and B funding from pharmaceutical firms Celgene and GlaxoSmithKline, the latter investing through its SR One unit, Versant, New Enterprise Associates (NEA) and Abingworth in April 2015.
Franklin Templeton Investments, New Leaf Venture Partners, funds advised by Clough Capital Partners and Wellington Capital Management invested $38m in June 2016 to close the series B round at $140m.
Versant is Crispr’s largest shareholder, owning a 20.7% stake. Celgene’s Celgene Alpine Investment Company vehicle holds 12.4%, SR One and NEA 9.7%, Bayer Global Investments 8%, Abingworth Bioventures 7.8% and Vertex 7.6%.
Citigroup Global Markets, Piper Jaffray, Barclays Capital and Guggenheim Securities have been appointed underwriters for the offering, which will take place on Nasdaq.