The UCL spinout has priced its shares at the top of its range and secured $150m in proceeds, up from its initial target of $100m.
Autolus, a UK-based cancer-focused biopharmaceutical spinout from University College London (UCL), priced its shares at the top of its range at $17 on Friday and raised $150m in proceeds.
The company issued approximately 8.8 million American Depositary Shares (ADS) on Nasdaq, with each ADS representing one share. It had originally planned to issue 7.8 million ADS.
The $150m figure represents an increase over the spinout’s initial target of $100m. Underwriters have a 30-day option to purchase an additional 1.3 million shares, potentially boosting proceeds by $22.5m.
Autolus has listed under the ticker symbol AUTL. Shares briefly rose to $30 on the first day of trading, but dropped down again to achieve a $25 close.
Founded in 2014, Autolus is working on a range of immuno-oncology therapies that target both haematological and solid tumours. The company picked up an additional licence for an asset aimed at leukaemia and lymphoma in May.
Autolus is based on research conducted by Martin Pule, a clinical senior lecturer in the Department of Haematology at UCL’s Cancer Institute. Pule is the senior vice-president and chief scientific officer at Autolus.
The offering follows $182m in equity funding. In September 2017, Autolus raised $80m in a series C round that included investment firm Woodford Investment Management, and Syncona, a firm backed by medical charities Wellcome Trust and Cancer Research UK.
Arix Bioscience, Cormorant Asset Management, Nextech Invest and a range of unnamed investors also took part in the series C round.
Woodford had previously participated in a $57m series B round in 2016 alongside Perceptive Bioscience Investments, after Syncona provided $45m in series A capital in 2015.
Autolus had cash reserves of approximately $121m as of March 2018. It will use $116m from its offering to drive multiple clinical trials for a range of product candidates, to develop its earlier-stage haematological programs and candidates aimed at solid tumours.
Approximately $50m will be used to fund the spinout’s R&D and manufacturing activities. The remainder will go towards general corporate purposes.
Syncona held a 40.6% ahead of the IPO, which has been reduced to 31.4%. Woodford’s 26.4% stake has dropped to 20.4%, while Arix Bioscience’s 9.1% stake has been diluted to 7.0%. UCL Business, the tech transfer office of UCL, is not among the major shareholders.
Goldman Sachs and Jefferies are acting as joint book-running managers for the offering, while Wells Fargo Securities and William Blair are serving as lead managers.
