US-based synthetic DNA producer Twist Bioscience has filed for an $86.3m initial public offering that would enable corporate investors Illumina, WuXi PharmaTech, Kangmei and Institut Mérieux to exit.
Twist Bio has created a DNA synthesis platform that facilitates the manufacturing of synthetic DNA which is in effect written on a silicon chip. In addition to artificial DNA, it can form tools for sample preparation or antibodies that can be used in drug discovery.
The IPO proceeds will partially support the upscaling of the company’s research and development capabilities and will involve the purchase of new equipment. It will also fund sales and marketing activities, and manufacturing facilities in China.
The company raised a total of almost $292m in series D funding between January 2016 and July 2018, according to the IPO filing, with genomics technology producer Illumina investing $3.4m.
Ever Alpha Fund provided $70m and pharmaceutical companies Kangmei, WuXi PharmaTech and Institut Mérieux, the latter two through WuXi Healthcare Ventures and Mérieux Développement, and investment and financial services group Fidelity also contributed.
The corporates were joined by GF Xinde Life Science Investment Fund, Arch Venture Partners, Paladin Capital, Tao Capital, Biomatics Capital, Reinet Fund, FIS, NFT Investment, Bay City Capital, 3W Partners Capital, Overage Fund, Cormorant Asset Management, Ditch Plains Capital Management and Boris Nikol.
Illumina also led Twist Bio’s $37m series C round in 2015, investing with Fidelity, Foresite Capital Management and existing backers Tao Invest, Arch Venture Partners, Paladin Capital Group and Yuri Milner. The round took the company’s total debt and equity financing to $82m at the time.
Ever Alpha, a subsidiary of brokerage GF Securities, is the largest shareholder in Twist Bio, owning 14.9%, followed by Arch Venture (14.8%), Illumina (7.7%), Tao Capital (5.9%), Fidelity (5.7%) and Paladin (4.9%).
The underwriters for the offering are JP Morgan Securities, Cowen and Company, Allen & Company and Robert W. Baird. It is set to take place on the Nasdaq Global Market.
