Pandion Therapeutics, a US-based autoimmune disease drug developer backed by conglomerate Access Industries and pharmaceutical firms Roche and GlaxoSmithKline (GSK), has filed for a $75m initial public offering.
Founded in 2016, Pandion is utilising protein engineering to develop treatments for autoimmune diseases. Part of the proceeds from the IPO will support phase 1a and phase 1b/2a clinical trials for its lead product candidate, PT101, which targets ulcerative colitis.
Additional capital will be used to advance two autoimmune disease candidates, PT627 and PT001, through phase 1a trials, and to further develop Pandion’s Talon protein engineering platform.
The company announced a $58m series A round in early 2018 co-led by Roche subsidiary Roche Venture Fund, Polaris Partners and Versant Ventures and backed by GSK’s SR One unit and BioInnovation Capital, though the IPO filing only confirms $19m in funding.
Pandion added an undisclosed amount from JDRF T1D Fund later the same year before securing $80m in a January 2020 series B round co-led by Access Industries’ Access Biotechnology vehicle and Boxer Capital.
The series B round also featured SR One, Roche Venture Fund, Polaris Partners, Versant Ventures, JDRF T1D Fund, BioInnovation Capital, RA Capital Management and OrbiMed.
Versant Ventures is Pandion’s largest shareholder, with a 15.9% stake, followed by Polaris Partners (14.7%), Roche Finance (14.2%), SR One (8.8%), Access Industries (8.7%) and Boxer Capital (6.5%).
Goldman Sachs, Morgan Stanley, SVB Leerink and BMO Capital Markets are the underwriters for the IPO, which is slated to take place on the Nasdaq Global Market.
