Autolus targets $100m IPO

Autolus, a UK-based cancer-focused biopharmaceutical spinout from University College London (UCL), filed for a $100m initial public offering on Nasdaq on Monday.

Founded in 2014, Autolus is developing a range of immuno-oncology treatments that target both haematological and solid tumours. The spinout picked up an additional licence for an asset aimed at leukaemia and lymphoma last week.

The spinout is commercialising work 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 will follow $182m in equity funding. Autolus most recently obtained $80m in a series C round that featured investment firm Woodford Investment Management, as well as Syncona, backed by medical charities Wellcome Trust and Cancer Research UK.

Arix Bioscience, Cormorant Asset Management, Nextech Invest and a range of unnamed investors also backed the series C round in September 2017.

Woodford had already supported a $57m series B round in 2016 alongside Perceptive Bioscience Investments, after Syncona supplied $45m in series A capital in 2015.

The spinout had cash reserves of approximately $137m as of September 2017. It will use the proceeds 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.

Autolus will also use the capital to fund its R&D and manufacturing activities. The remainder will go towards general corporate purposes.

Syncona is currently the spinout’s largest shareholder with a 40.6% stake, followed by Woodford, which owns 26.4%, and Arix Bioscience, which has a 9.1% stake. UCL Business, the tech transfer office of UCL, is not listed among the major shareholders.

Goldman Sachs and Jefferies are acting as representatives of the underwriters, which also include Wells Fargo Securities and William Blair & Company.