Allakos, a US-based developer of antibodies to treat conditions caused by excess production of inflammatory cells, has filed for a $75m initial public offering that could provide exits to pharmaceutical firms Roche and Novo.
Founded in 2012, Allakos is working on a treatment called AK002 that will address eosinophil and mast cell related diseases. Eosinophil disorder causes cells that are responsible for releasing toxins to be overproduced, leading to an inflammation of tissue.
Mast cell-related diseases cause chemical mediators to be released inappropriately and excessively, leading to chronic symptoms ranging from skin rashes to anaphylaxis. Allakos will use the IPO proceeds to further development of AK002.
AK002 is based on research at Johns Hopkins University, which received shares in Allakos as part of a licensing agreement. The treatment also exploits technology developed by biotech company Biowa and pharmaceutical ingredients supplier Lonza Sales.
Allakos most recently closed a $100m series B round in December 2017 led by New Enterprise Associates, with commitments from Roche Venture Fund, an investment vehicle for Roche.
The series B round also featured Redmile Group, Partner Fund Management, Rock Springs Capital, LifeSci Venture Partners, Samsara BioCapital, Alta Partners, RiverVest Venture Partners, 3X5 Partners and an unnamed institutional investor.
The company had previously raised a total of $21.9m in funding from investors including Roche subsidiary Roche Finance, Alta Partners and RiverVest in 2015 and 2016, according to its IPO filing.
Allakos secured $32m in a series A round led by Novo, with participation from Roche, Alta Partners and RiverVest Venture Partners, before adding $10m from Roche, Novo subsidiary Novo Ventures, Alta Partners and RiverVest in 2014.
Roche currently holds a 13.9% stake in Allakos while Novo and Johns Hopkins Universiy each own less than 5%. Alta Partners has 34%, followed by RiverVest (21.9%), and NEA and Capital Research and Management (6.1% each).
Goldman Sachs, Jefferies and William Blair are the underwriters for the proposed offering.