Akcea Therapeutics, a US-based cardiometabolic disease-focused spinout of biopharmaceutical company Ionis Pharmaceuticals, yesterday filed to raise up to $100m in an initial public offering.
Founded in 2015, Akcea is working on therapies based on antisense technology developed by Ionis, to treat serious cardiometabolic diseases caused by lipid disorders.
The company’s lead drug candidate, volanesorsen, has completed a phase 3 clinical trial for familial chylomicronemia syndrome and is currently in a phase 3 trial for familial partial lipodystrophy.
Pharmaceutical firm Novartis, which has signed a development and collaboration agreement for two of Akcea’s product candidates, has agreed to buy $50m of stock in the IPO. Novartis has already paid $75m upfront as part of the agreement, $15m of which is going to Ionis as a sublicense fee.
Akcea closed $543m in funding from Ionis in January 2016, according to a regulatory filing, and Ionis currently holds 73.8 million shares representing the entirety of Akcea’s stock.
Cowen and Company, Stifel, Nicolaus & Company and Wells Fargo Securities have been appointed underwriters for the offering.