SQZ Biotechnologies, a US-based cell therapy developer backed by corporates Alphabet, Orient Life and Illumina, has filed to raise up to $75m in its initial public offering.
Founded in 2013, SQZ is working on cell therapy treatments for cancer and infectious diseases based on research at Massachusetts Institute of Technology. Part of the IPO proceeds will go to completing an ongoing phase 1 clinical trial for a cancer vaccine candidate known as SQZ-PBMC-HPV.
Additional cash has been earmarked for progression of other candidates including SQZ-AAC-HPV for HPV-positive tumours, and for studies for an infectious disease program based on the company’s SQZ APC drug development platform.
The IPO follows $166m in funding, $24m having come in a 2016 series B round featuring internet technology group Alphabet’s GV investment vehicle, Quark Venture, NanoDimension and existing backer Polaris Partners. SQZ’s earlier investors also included 20/20 Healthcare Partners.
GV, NanoDimension and Polaris Partners returned for SQZ’s $72m series C round in 2018 alongside insurer Orient Life, genomics technology provider Illumina, Everblue, Invus, Viva Ventures Biotech, Bridger Healthcare Partners, Global Health Science Fund and JDRF T1D Fund.
Temasek led a $65m series D round for the company in May this year, investing together with GV, Illumina unit Illumina Ventures, NanoDimension, Polaris Partners, JDRF T1D Fund and investment manager GP Holdings’ AIG Deco Fund.
SQZ’s largest shareholders are Polaris Partners (14.1%), Temasek vehicle Elbrus Investments (9.7%), AIG Deco Fund (7.7%), NanoDimension (7.4%), Global Health Science Fund (6.4%) and Invus (5.8%).
BofA Securities, Stifel Nicolaus and BTIG have been appointed underwriters for the offering, which is slated to take place on the New York Stock Exchange.
