US-based genomic testing technology developer ArcherDX has filed to raise up to $100m in an initial public offering that would allow medical researcher Qiagen to exit.
ArcherDX has developed a system targeted at cancer that applies advanced genetic sequencing technology and bioinformatics software to the identification and discovery of genetic mutations.
The company was launched in 2015 after Qiagen acquired biological research technology provider Enzymatics’ Enzyme Solutions Unit. It sued Qiagen in mid-2018 alleging patent infringement and the trial is expected to begin in July 2021.
The IPO proceeds will go to research and development as well as a regulatory submission for its first in-vitro diagnostics product, Stratafide, later this year.
Boulder Ventures and PBM Capital Group co-led ArcherDX’s $35m series A round in March 2018, investing with Longwood Fund and Peierls Foundation. All four returned in May 2019 when the company sealed up to $60m in a series B round led by Perceptive Advisors.
Perceptive Advisors subsequently led the company’s $55m series C round in December. Boulder Ventures, PBM, Longwood Fund, Redmile Group, Soleus Capital, Driehaus Capital Management, Sands Capital and ArrowMark Partners also participated.
Although the IPO filing does not quantify the proportion of ArcherDX held by each investor, Qiagen owns just over 3.4 million shares in the company.
Perceptive Advisors holds nearly 5.3 million shares and investment vehicle KV Enzymatics owns 5.2 million. Other notable investors include Redmile (2.6 million), private investor Stephen Picone (2.4 million) and Boulder Ventures (2.1 million).
JP Morgan Securities and BofA Securities are joint book‑running managers for the offering while Stifel Nicolaus and Evercore Group are also underwriters. It is slated to take place on the Nasdaq Global Market.
