Eidos Therapeutics, a US-based US-based biopharmaceutical spinoff of genetic disease drug developer BridgeBio Pharma, has filed for a $115m initial public offering on the Nasdaq Global Market.
Eidos is developing therapeutics that will treat diseases by stabilising a protein known as transthyretin (TTR), and its lead product candidate is a small molecule called AG10.
Most of the IPO proceeds will fund a phase 2 clinical trial for AG10 in a cardiac condition known as transthyretin amyloid cardiomyopathy, and a phase 3 trial for it in transthyretin amyloid polyneuropathy, a neurodegenerative disease.
BridgeBio Pharma invested an initial $27m in Edios when it launched in April 2017 and added $15m as part of a $64m series B led by RA Capital Management last month.
Aisling Capital, Perceptive Advisors, Janus Henderson, Viking Global Investors, Cormorant Asset Management and Amzak Health Investors also contributed to the series B round.
BridgeBio remains the largest shareholder in Eidos, with a 62.8% stake. RA Capital is the next largest investor, holding a 3.8% share of the company, while co-founders Mamoun Alhamadsheh and Isabella Graef own 6.8% each.
JP Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith and Barclays Capital have been appointed underwriters for the offering.