US-based genetic therapy developer Passage Bio filed for a $125m initial public offering yesterday that would enable subsidiaries of conglomerate Access Industries and pharmaceutical firm Eli Lilly to exit.
Passage Bio is working on genetic medicines for life-threatening central nervous system (CNS) disorders with no approved treatments. The filing comes days after it appointed Bruce Goldsmith as chief executive, replacing co-founder and interim CEO Stephen Squinto.
The IPO proceeds will fund the progress of drug candidates for frontotemporal dementia, a lysosomal storage disease called Krabbe disease and a genetically inherited brain and spinal cord disorder known as GM1 gangliosidosis.
The company launched in February 2019 with $116m in series A funding from Eli Lilly unit Lilly Asia Ventures, OrbiMed, which led the round, Vivo Capital, Frazier Healthcare Partners, Versant Ventures and New Leaf Venture Partners.
Access Industries subsidiary Access Biotechnology invested $30m to lead Passage Bio’s $110m series B round in September 2019, with Lilly Asia Ventures contributing approximately $5.9m, according to the IPO filing.
OrbiMed, New Leaf Venture Partners, Vivo Capital, Frazier Healthcare Partners, Versant Ventures, Highline Capital Management, Boxer Capital, Logos Capital and Sphera Funds Management also took part in the 2019 round.
Passage Bio’s largest shareholder is OrbiMed, with a 19.6% stake, followed by Versant Ventures (14.8%), Frazier Healthcare Partners (13.9%), Lilly Asia Ventures (7.6%), New Leaf Venture Partners, Vivo Capital, co-founder James Wilson (7% each) and Access Industries (6.5%).
JP Morgan Securities, Goldman Sachs, Cowen and Company and Chardan Capital Markets are the underwriters for the offering, which is set to take place on the Nasdaq Global Market.
