Unum Therapeutics, a US-based immunotherapy developer backed by pharmaceutical firms Novo, Sanofi, EMS and Seattle Genetics, has raised almost $69.3m in its initial public offering on the Nasdaq Global Select Market.
The company had priced approximately 5.8 million shares at $12 each, granting underwriters a 30-day option to purchase an additional 865,500 shares. If the option is fully exercised, proceeds could increase by almost $10.4m, bringing the total to approximately $79.7m.
Seattle Genetics has separately agreed to purchase $5m of shares in a private placement at the initial public offering price. The shares closed at $10.75 yesterday, giving Unum a market cap of just over $318m.
Founded in 2014, Unum Therapeutics is working on immuno-oncology treatments. Its lead candidate works in tandem with antibiotics.
Approximately $20m of the proceeds will be used to complete a phase 1 trial for ACTR087 used in conjunction with rituximab, aimed at non-Hodgkin lymphoma. Another $9m will fund a phase 2 trial for the same therapy aimed at patients who have already undergone immunotherapy.
Unum will use $8m to complete a phase 1 clinical trial for ACTR707, another treatment for non-Hodgkin lymphoma used in conjunction with rituximab, and $16m to advance ACTR707 in combination with trastuzumab through an investigational new drug filing and phase 1 trial.
Unum raised $12m in a series A round in 2014 in a round backed by Aventisub, a subsidiary of Sanofi. The round was co-led by F-Prime Capital, the subsidiary of financial services group Fidelity then known as Fidelity Biosciences, and VC firm Atlas Venture.
Unum raised $65m in a series B round in 2015 led by New Leaf Venture Partners that featured Seattle Genetics, Novo, Sanofi and EMS, the latter two participating through their Sanofi-Genzyme BioVentures and Brace Pharma Capital divisions.
F-Prime Capital also took part in the series B round, as did Atlas Venture, Cowen Private Investments, Jennison Associates, Sabby Management, Sectoral Asset Management and Wellington Management.
Dario Campana, Unum’s scientific founder, is its largest shareholder, with a 21% stake ahead of the IPO and 17.2% following the flotation. Sanofi now owns 4.6% (down from 5.8%), Atlas Venture 11% (down from 13.9%), F-Prime 7.8% (diluted from 9.9%) and New Leaf 4.2% (down from 5.3%).
Morgan Stanley and Cowen are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey and Wedbush PacGrow are serving as lead managers.