UK-based biopharmaceutical company Adaptimmune Therapeutics, which counts pharmaceutical firm Novo among its investors, filed for an initial public offering in the US on Monday that could raise up to $150m.
Adaptimmune is developing cancer treatments based on its T-cell receptor platform, which could hypothetically enable it to genetically engineer T-cell receptors it could administer to patients in drug form.
The filing comes seven months after Adaptimmune raised $104m from a series A round backed by Novo, as well as New Enterprise Associates (NEA), Fidelity Biosciences, OrbiMed Advisors, Wellington Management, Foresite Capital Management, Ridgeback Capital Management, QVT, Rock Springs Capital, VenBio Select and Merlin Nexus.
NEA is the company’s largest shareholder, with a 16.6% stake, while biotechnology company Immunocore holds a 7.6% share. Novo’s stake is less than 5% but other notable shareholders include OrbiMed (7.1%), George Robinson and deputy chairman Nicholas Cross (8.1% each).
Adaptimmune plans to use the IPO proceeds, together with the series A funding, to advance its lead drug candidate through Phase 1 and 2 clinical trials, and to build and maintain a pilot manufacturing facility.
BofA Merrill Lynch, Cowen & Company and Leerink Partners are serving as joint bookrunners for the offering, while Guggenheim Securities is also acting as an underwriter. The company will float on Nasdaq.