China-based cancer therapy developer Gracell Biotechnologies has filed to raise up to $100m in an US initial public offering that will give pharmaceutical firm Eli Lilly an exit.
Gracell is working on CAR-T cell therapies to treat cancer and the proceeds will fund research and development of drug candidates for refractory multiple myeloma and T cell acute lymphoblastic leukaemia in addition to building an R&D hub in the US.
Wellington Management, OrbiMed and 5Y Capital (then Morningside Ventures) co-led the company’s last round, a $100m series C in October this year that included Eli Lilly vehicle Lilly Asia Ventures.
Vivo Capital, Temasek and Kington Capital’s King Star Med subsidiary also took part in the series C round, which followed $85m in series B funding from Lilly Asia Ventures, Temasek, Chengdu Miaoji, Kington Capital and King Star Capital in February 2019.
Founder, chairman and CEO William Cao holds 33.8% of Gracell’s shares through a holding vehicle. Its notable investors are Temasek, with a 17.7% stake, Orbimed (14%), Lilly Asia Ventures (9.2%) and Kington (8.4%).
Citigroup Global Markets, Jefferies, Piper Sandler and Wells Fargo Securities are joint book-running managers for the IPO, which is set to take place on the Nasdaq Global Market.
