US-based biologic drug developer Inhibrx has filed for a $74.7m initial public offering that will enable pharmaceutical development services provider WuXi Biologics and pharmaceutical firm Eli Lilly to exit.
Previously known as Tenium Therapeutics, Inhibrx has created a protein engineering platform it is using to develop treatments for diseases including cancer.
The company will use the IPO proceeds to complete phase 1 clinical trials of cancer drug candidates INBRX-109 and INBRX-105, and to begin a phase 1 trial of INBRX-101, which is being developed to treat a respiratory disease known as alpha-1 antitrypsin.
Inhibrx raised $40m in convertible promissory note financing from hedge fund Viking Global Investors last month, which increased its total equity and debt financing to $135m, the company said.
WuXi Biologics made its initial investment in Inhibrx following a strategic collaboration agreement signed in September 2018. Investment manager RA Capital Management provided $15m of funding for the company in 2016 according to the IPO filing.
Lilly Asia Ventures, a corporate venturing subsidiary of pharmaceutical firm Eli Lilly, invested $20m in 11 Inhibrx subsidiaries in June 2017 which were all absorbed into the company in April 2018, according to the filing. It supplied a further $11.4m in September 2018 alongside $9.5m from RA Capital.
Life sciences real estate investment trust Alexandria Real Estate Equities and asset management firm ArrowMark Partners are also shareholders in the company, though it has not revealed details of their investments.
Lilly Asia Ventures holds 9.8% of Inhibrx’s shares while RA Capital owns a 8.4% stake and Inhibrx co-founder Quinn L. Deveraux 10.8%. Barclays, Nomura, Raymond James and Barclays are the underwriters for the offering, which is set to take place on the Nasdaq Global Market.