US-based genetic therapy developer Beam Therapeutics has filed for a $100m initial public offering that would enable internet and technology group Alphabet and gene editing technology producer Editas to exit.
Beam is working on genetic medicines for serious diseases, using its genomic base editing platform to target point mutations, which it claims are responsible for nearly 60% of the human genetic errors associated with disease.
The technology was developed in the laboratories of co-founders David Liu, a professor of chemistry and chemical biology at Harvard University, and Feng Zhang a core institute member at the Broad Institute of MIT and Harvard.
The IPO proceeds will fund more research on Beam’s base editing product candidates, including preclinical development, as well as investigational new drug-enabling studies and further work on its core platform.
The company raised $88.6m in series A funding from investors including F-Prime Capital, a branch of investment and financial services group Fidelity, as well as Hillhouse Capital, Temasek and Arch Venture Partners between June 2017 and October 2018 according to the IPO filing.
All four returned for Beam’s $135m series B round in March this year, which included Alphabet unit GV, fellow Fidelity vehicle Eight Roads Ventures, Redmile Group, Omega Funds, Cormorant Asset Management and Altitude Life Science Ventures.
Arch Venture Partners is Beam’s largest shareholder, with a 23% stake, followed by F-Prime (19.4%), David Liu (9.1%), Hillhouse Capital (7.4%), Feng Zhang (7.2%) and Temasek (7%). Editas holds just over 3 million shares, equating to a 1.9% stake, as part of a May 2018 licensing agreement.
The company plans to float on the Nasdaq Global Market and has appointed JP Morgan Securities, Jefferies, Barclays Capital and Wedbush Securities as underwriters for the offering.
