Vor Biopharma, a US-based developer of treatments for haematological malignancies, has filed for a $150m initial public offering that would allow pharmaceutical firms Johnson & Johnson, Novartis and PureTech Health to exit.
Founded in 2015, Vor is working on drug treatments for haematological malignancies, a type of cancer that affects the blood, bone marrow and lymph nodes. Part of the IPO proceeds will fund the completion of a phase 1/2a clinical trial for its lead drug candidate, VOR33,
The company also plans to invest in the clinical development of a second candidate, VCAR33, which is in a phase 1/2 trial for adult acute myeloid leukaemia. The IPO will come after $152m in funding.
Investment manager RA Capital Management led a $110m series B round for Vor in July 2020 that included Johnson & Johnson subsidiary Johnson & Johnson Innovation – JJDC, PureTech Health and Alexandria Venture Investments, part of real estate investment trust Alexandria Real Estate Equities.
Investment and financial services group Fidelity, Osage University Partners (OUP), Pagliuca Family Office and 5AM Ventures also took part in the July round.
Vor had previously received $42m in an early 2019 series A round co-led by RA Capital and 5AM Ventures and backed by PureTech Health, Johnson & Johnson Innovation – JJDC, Novartis Institutes of Biomedical Research and OUP.
The company’s largest investors are RA Capital (30.6%), 5AM Ventures (23.8%), PureTech (12.4%) and Fidelity (10.6%). The offering is set to take place on the Nasdaq Global Market and Goldman Sachs, Evercore Group, Barclays Capital and Stifel Nicolaus are the underwriters.
