Equillium, a US-based biotechnology developer backed by biopharmaceutical firm Biocon, filed for a $86.3m initial public offering on the Nasdaq Global Market on Monday.
Founded in March 2017 as Attenuate Biopharmaceuticals, Equillium is focused on treatments for severe autoimmune, inflammatory and immuno-inflammatory conditions with a high unmet medical need.
The company’s first product candidate, EQ001 or itolizumab, is an antibody targeting a broad range of immuno-inflammatory diseases. Equillium licensed itolizumab from Biocon for commercialisation in the US and Canada in May 2017.
Biocon markets itolizumab under the brand name Alzumab in India as a treatment for severe plaque psoriasis, a skin condition with symptoms including itching, swollen joints and scaling. India is the only country where the therapy is currently sold.
Proceeds from the IPO will primarily go towards the further development of itolizumab, with the remainder allocated to general corporate purposes.
Biocon owns an 18.8% stake in Equillium ahead of the initial public offering. Equillium has not disclosed any funding rounds.
Jefferies, Leerink Partners and Stifel, Nicolaus and Company are serving as underwriters.