GenSight Biologics, a France-based gene therapy developer backed by pharmaceutical firm Novartis, is looking to raise €40m ($44m) in an initial public offering in its home country.
GenSight is working on gene therapies to treat neurodegenerative retinal diseases and diseases of the central nervous system. Its lead product candidate, GS010, is in phase 3 trials for a rare mitochondrial disease called Leber’s Hereditary Optic Neuropathy.
The company filed for a $100m IPO in the US in July 2015 before setting a range in November that would have netted it between $60.5m and $69.8m. It withdrew the offering shortly afterwards.
The offering will follow $77.8m of equity funding, including $36m from a July 2015 round that included Novartis Venture Fund, the corporate venturing arm of Novartis, as well as Abingworth, Versant Ventures, Index Ventures, Fidelity Management & Research, Jennison Associates, Sphera Global HealthCare Fund, Perceptive Advisors and HealthCap.
Novartis Venture Fund, Index, Versant and Abingworth had previously invested $41.8m in GenSight’s 2013 series A round.
Novartis is the company’s largest shareholder according to the IPO filing, holding a 20.4% stake. Other notable shareholders include Abingworth Bioventures and Versant (17.1% each), Fidelity Management & Research (9.4%) and Vitavest (7.5%).
GenSight’s investors plan to buy approximately $18.7m of shares in the offering, while the French state-backed Bpifrance Participations will invest about $12.2m.
– Image courtesy of GenSight Biologics