Ideaya Biosciences, a US-based precision medicine developer backed by internet technology group Alphabet and pharmaceutical firms Roche, Novartis, WuXi AppTec and Celgene, filed for a $70m initial public offering on Monday.
Ideaya is working on small molecule cancer treatments that will fight the disease by targeting specific biomarkers. It licensed its lead drug candidate, a genetically-defined cancer therapy known as IDE196, from pharmaceutical company Novartis.
The IPO proceeds will be used to advance IDE196 through phase 1/2 clinical trials while also supporting the development of additional clinical or preclinical candidates, including a candidate for solid tumours called MAT2A that is expected to progress to phase 1 trials.
The company claimed in 2016 to have closed a $46m series A round featuring Celgene, WuXi AppTec unit WuXi Healthcare Ventures, Novartis Institute of Biomedical Research, Alexandria Venture Investments, 5AM Ventures and Canaan Partners, though the IPO filing indicates it raised $42.1m, and that the round closed in January 2018.
Ideaya added $94m in a March 2018 series B round featuring $10m from Alphabet subsidiary GV, $5m from WuXi Healthcare Ventures, $2m from Celgene and an undisclosed sum from Roche’s corporate venturing arm, Roche Venture Capital, according to the filing.
WuXi AppTec-backed investment firm 6 Dimensions Capital, Alexandria Venture Investments unit, BVF Partners, Perceptive Advisors, Nextech Invest, Boxer Capital, Driehaus Capital Management, 5AM Ventures and Canaan Partners also took part in the round.
Celgene is Ideaya’s largest corporate shareholder and is in possession of a 7.8% stake, while WuXi Healthcare Ventures holds 7.3% and GV 5%. Its other significant investors are 5AM Ventures (18.7%), Canaan Partners (15.6%), BVF Partners (7.3%), Perceptive Advisors’ Life Sciences Master Fund (6.5%) and Nextech Invest (6.2%).
JP Morgan Securities, Citigroup Global Markets and Jefferies have been appointed book-running managers for the IPO, which will take place on the Nasdaq Global Market.
