UK-based gene therapy developer Freeline Therapeutics has filed for a $100m initial public offering in the United States that will give pharmaceutical firm Novo the chance to exit.
Freeline is developing adeno-associated virus (AAV) gene therapies, and the AAVS3 virus that forms the basis of its drug candidates was developed at University College London by a team led by co-founder Amit Nathwani.
The IPO proceeds will be used to take a product candidate known as FLT180a through the completion of an ongoing phase 1/2 clinical trial for haemophilia B and a phase 1/2 trial for a second candidate, FLT190, in a rare genetic disease known as Fabry disease.
The offering will come after $275m in funding, including a $120m series C round co-led by firm Novo, Eventide Asset Management and Wellington Management last month.
Syncona, the commercialisation firm where Freeline was incubated, also took part in the June round, as did Cowen Healthcare Investments, Acorn Bioventures and Ample Plus Fund. The company’s backers also include University College London’s UCL Technology Fund.
Novo is one of two Freeline investors with a stake of 5% or more in the company, according to the IPO filing. Syncona retained a 60% share as of the close of the series C round.
JP Morgan Securities, Morgan Stanley, Evercore Group and Wedbush Securities are underwriters for the offering, which is slated to take place on the Nasdaq Global Select Market.
