SpringWorks Therapeutics, a US-based rare cancer drug developer backed by pharmaceutical firms GlaxoSmithKline and Pfizer, has filed for a $115m initial public offering.
Spun off from Pfizer in 2017, SpringWorks is working to commercialise drug candidates initially discovered by the pharmaceutical firm to treat rare forms of cancer.
The company’s lead asset, nirogacestat, is a potential therapy for desmoid soft-tissue tumours: a debilitating and disfiguring type of cancer for which no current treatment exists. A second candidate, mirdametinib, is targeting tumours caused by neurofibromatosis genetic disorder.
Proceeds from the IPO will go toward an ongoing phase 3 trial of nirogacestat and a planned phase 2b study of mirdametinib, and, if results are favourable, seeking regulatory approval for the treatments in the US and certain international markets.
Part of the cash will be allocated to an ongoing phase 1b trial of mirdametinib and lifirafenib as a combination therapy for advanced or refractory solid tumours. The trial is being conducted in collaboration with biotech firm BeiGene following a deal signed in August 2018.
SpringWorks will also explore the further development of nirogacestat and mirdametinib as standalone and combination treatments in additional indications of cancers and rare diseases.
The company completed a $125m series B round led by hedge fund sponsor Perceptive Advisors in April 2019 with contributions from GlaxoSmithKline and Pfizer Ventures, the corporate’s strategic investment subsidiary.
Boxer Capital, HBM Healthcare Investments, BVF Partners, Surveyor Capital, Samsara BioCapital, ArrowMark Partners, Laurion Capital Management, OrbiMed, Bain Capital and medical research charity LifeArc also took part in the round.
Pfizer, LifeArc and Orbimed had already invested in SpringWorks’ $103m series A round in 2017 alongside Bain Capital’s Life Sciences and Double Impact units.
SpringWorks did not disclose the sizes of the stakes held by investors in its regulatory filing, revealing only that Pfizer, Bain Capital, Orbimed and Perceptive Advisors each own 5% or more of the company.
JP Morgan, Goldman Sachs and Cowen are the joint bookrunners for the proposed offering, which is set to take place on the Nasdaq Global Market.
