Achilles Therapeutics, a UK-based biopharmaceutical company developing precision T cell therapies to treat solid tumours, has floated on the Nasdaq stock exchange to raise $175.5m.
At the end of March, Achilles priced its initial public offering (IPO) of 9.75 million American depositary shares at $18 apiece, which was the midpoint of the $17 to $19 per share range it had previously set. It closed on the first day of trading at $16 per share to give a market capitalisation of $946m.
In addition, Achilles has granted the underwriters a 30-day option to purchase up to an additional 1,462,500 ADSs at the initial public offering price, less underwriting discounts and commissions.
About $79m of the IPO proceeds is set aside for its lead drug candidate targeting melanoma, MedCityNews said. Another $36m is planned for advancing the head and neck squamous cell carcinoma and renal cell carcinoma programs with the remainder for manufacturing capabilities.
Founded in 2016, Achilles raised £100m ($120m) in its series B round and about $231m in total pre-IPO. Syncona, the Wellcome Trust’s medical charity’s venture unit, is the largest shareholder with a 27.3% post-IPO stake, RA Capital is the next largest stakeholder, owning 8.9% after the IPO, followed by Forbion and Baker Brothers Life Sciences.
JP Morgan, BofA Securities and Piper Sandler are acting as joint book-running managers for the offering.
