US-based cancer drug developer BioAtla has filed to raise up to $100m in an initial public offering that would represent an exit for pharmaceutical firm Pfizer.
BioAtla is developing conditionally active biologics (CABs) to treat solid tumours, and its therapeutics are designed to differentiate between the tumour microenvironment and healthy tissue through characteristic differences in pH levels.
The IPO proceeds will fund clinical development of drug candidates including BA3011, which is entering phase 2 clinical trials for soft tissue and bone sarcoma as well as non-small-cell lung carcinoma (NSCLC).
The company will also use the takings to advance a second candidate, BA3021, through phase 2 trials for NSCLC and melanoma, as well as bringing additional CAB bispecific candidates to phase 1 trials.
BioAtla has raised $166m in debt and equity financing, most recently closing a $72.5m series D round in July this year that included $1m from Pfizer’s corporate venturing subsidiary, Pfizer Ventures, according to the IPO filing.
The round was co-led by Soleus Capital and HBM Healthcare Investments and also featured Cormorant Asset Management, Farallon Capital, Pappas Capital, Boxer Capital and funds managed by Janus Henderson. BioAtla’s earlier backers include Global Bio Impact Fund.
Pfizer formed a four-year preclinical research agreement with BioAtla in 2015 and the company was one of the investors that provided $21.8m in convertible note financing for the company between then and March this year.
Just over 40% of BioAtla’s stock is held by Himalaya Parent, a vehicle formed by several of its shareholders, while Pfizer Ventures owns 10.4%, Soleus Capital 8.3%, HBM Healthcare Investments 8% and Baker Bros, Farallon Capital Management and Cormorant Asset Management 6.9% each.
JP Morgan Securities, Jefferies and Credit Suisse Securities (USA) and BTIG have been appointed underwriters for the offering, which is slated to take place on the Nasdaq Global Market.
