Ambrx Biopharma, a US-headquartered developer of antibody-based cancer treatments, has filed for a $100m initial public offering on the New York Stock Exchange that could enable a number of corporates to exit.
Founded in 2003, Ambrx is developing antibody drug conjugates (ADCs) to treat several types of cancer. Its lead drug candidate, ARX788, is an ADC being developed to treat breast and gastric cancer as well as other solid tumour conditions.
The proceeds of the IPO will be used to support the clinical development of ARX788 and advance ARX517, an antibody treatment for prostate cancer, through phase 1 clinical trials. Goldman Sachs, BofA Securities and Cowen are serving as joint bookrunners for the offering.
The company closed a $200m crossover financing round in November 2020 backed by financial services and investment group Fidelity, Blackrock, Cormorant Asset Management, HBM Healthcare Investments, Invus, Adage Capital Partners and Suvretta Capital Management.
Apricot Capital and Northeast Securities Prosperity Healthcare Fund co-led a $45m round for the company in 2016 that also featured pharmaceutical firm Sinopharm, healthcare group Humanwell Healthcare and Fosun Pharma, a pharmaceutical subsidiary of conglomerate Fosun.
Hopu Investments and investment firm China Everbright’s Healthcare Fund also took part in the round, while Sinopharm and Humanwell were represented by investment vehicles Sinopharm Capital and Humanwell Healthcare Fund respectively.
Ambrx had received approximately $78m of funding from investors including pharmaceutical firms Roche and Merck Group between 2003 and 2009 before it was acquired in 2015 by a consortium consisting of pharmaceutical firm WuXi AppTec, Fosun Pharma, Hopu Investments and China Everbright’s CEL Healthcare Fund.
Hopu Reunion Company, a vehicle affiliated with Hopu Investments, is the largest shareholder in Ambrx, with an 18.1% stake. Its other shareholders include WuXi AppTec (a 13.6% stake), Fidelity (8.5%), Blackrock (7.1%), Fosun Pharma (6.3%), Cormorant Asset Management (5.7%) and HBM Healthcare Investments (5.7%).