Pharmaceutical company Novo has exited AnaptysBio, a US-based developer of inflammation and immuno-oncology treatments, through a $75m initial public offering on Nasdaq.
AnaptysBio floated yesterday after pricing 5 million shares at $15 each. Undisclosed existing investors have agreed to buy a further 1.95 million shares at the IPO price but the company has not revealed their identity or the details of their plans.
Founded in 2005, AnaptysBio is developing antibody-based drugs that will treat severe inflammatory disorders. It initially filed for the IPO in September 2015 and had, prior to the offering, set a $14 to $16 range, planning to issue only 4 million shares.
The proceeds will steer its two main drug candidates through initial clinical trials and support the development of additional candidates.
The offering followed about $90m in venture funding, including a $34m series B round led by Novo in 2007 that included venture capital firm Frazier Healthcare Partners, Alloy Ventures, Numenor Ventures and WS Investment Company.
Novo invested $5m in AnaptysBio in mid-2015 as part of a $40.8m round backed by BioMed Ventures, a subsidiary of biotech real estate developer Biomed Realty’s corporate venturing arm, as well as Frazier Healthcare, BVF Partners, Cormorant Asset Management, HBM Healthcare Investments and Longwood Capital Partners.
Novo’s 21.1% stake was diluted to 15.7% through the offering while Frazier Healthcare has remained the company’s largest backer, with a 17% share. Other notable shareholders post-IPO include Avalon Ventures (11.2%), Alloy Ventures (6.7%), BVF Partners (5.3%) and HBM Healthcare (4.9%).
Underwriters Credit Suisse Securities, Stifel, Nicolaus & Company, JMP Securities and Wedbush Securities have the option to buy another 750,000 shares, which would boost the IPO to approximately $86.3m. The company’s stock opened at $16.00 yesterday and closed at $17.00.