Caribou Biosciences, a US-based gene therapy developer backed by corporates AbbVie, Novartis, Corteva and Heritage Medical Systems, has filed for an initial public offering.
Founded in 2011, Caribou is using Crispr genome editing technology to develop modified cell therapies for the treatment of haematologic cancers and solid tumours. It plans to use the IPO proceeds to fund the development of its chimeric antigen receptors (CAR) T-cell and natural killer (NK) cell therapies.
The company’s co-founders include Jennifer Doudna, a professor of biochemistry, biophysics and structural biology at University of California (UC) Berkeley, and Martin Jinek, a postdoctoral associate who has since become an assistant professor at University of Zurich.
In February this year, Caribou signed a collaboration and licence agreement with pharmaceutical firm AbbVie focusing on the development of two CAR-T cell therapies. It closed a $115m series C round the following month co-led by Farallon Capital Management, PFM Health Sciences and Ridgeback Capital Investments.
AbbVie Ventures, the corporate venturing arm of AbbVie, also took part in the round, as did healthcare provider Heritage Medical Systems and cancer charity Leukemia and Lymphoma Society’s Therapy Acceleration Program.
The round was also backed by Adage Capital Partners, Avego Bioscience Capital, Avidity Partners, Invus, Janus Henderson Investors, LifeSci Venture Partners, Monashee Investment Management, Point72, Maverick Ventures, Pontifax AgTech and funds managed by Tekla Capital Management.
Investment and financial services group Fidelity’s F-Prime Capital subsidiary led a $30m series B round for Caribou in 2016, investing together with pharmaceutical firm Novartis, Heritage Medical, Anterra Capital, Maverick, Mission Bay Capital, Pontifax Agtech and 5 Prime Ventures.
The company raised $11m in a series A round in 2015 featuring Novartis, Mission Bay, 5 Prime and F-Prime Capital (then known as Fidelity Biosciences).
F-Prime Capital is Caribou’s largest shareholder, with a 9.3% stake, followed by agricultural chemical and seed provider Corteva (8.6%), James and Jennifer Doudna Cate Living Trust, a vehicle controlled by Jennifer Doudna (6.3%), PFM Health Sciences, Ridgeback Capital Investments and Farallon Capital Management (5.8% each).
BofA Securities, Citigroup and SVB Leerink have been appointed underwriters for the offering, which will take place on the Nasdaq Global Select Market.