US-based immuno-oncology drug developer Allogene Therapeutics closed an initial public offering that scored exits for pharmaceutical companies Pfizer and Gilead Sciences at almost $373m yesterday.
The company raised an initial $324m last week when it issued 18 million shares priced at the top of their range at $18.00 each on the Nasdaq Global Select Market.
Allogene’s shares closed at $25.00 on their first day of trading on Thursday, and at $26.96 yesterday. Joint book-running managers Goldman Sachs, JP Morgan Securities, Cowen and Company and Jefferies have bought a further 2.7 million shares for $48.6m.
Founded earlier this year, Allogene is developing allogeneic T cell therapeutics based on intellectual property licensed from Pfizer to destroy cancer cells.
The company raised $300m in an April 2018 series A round featuring $35m from Pfizer, $50m each from Gilead and Vida Ventures, $150m from TPG Carthage Holdings, part of private equity group TPG, and $2m from Seaview Trust, a vehicle for Allogene chairman Arie Belldegrun.
The largest shareholders in Allogene now the underwriters have exercised the option to buy the extra shares are TPG Carthage (19.1%), Pfizer (18.7%), Seaview Trust (6.8%), Gilead and Vida Ventures (6.4% each).
