Stanford University is set to exit the cancer immunotherapy developer, which has filed for a $100m initial public offering.
US-based immuno-oncology drug developer Arcus Biosciences has filed to raise up to $100m in an initial public offering that will allow Stanford University to exit.
Arcus is working on small-molecule and antibody immunotherapies aimed at biological pathways that scientific evidence has suggested play a part in regulating the body’s immune response to cancer.
The proceeds will support the ongoing clinical development of the company’s lead product candidate, AB928, and another candidate, AB122, as well as work on two more candidates, AB680 and AB154, both of which are expected to enter the clinic this year.
Arcus has raised $227m in funding in total, most recently securing $107m in a November 2017 series D round featuring internet technology group Alphabet and pharmaceutical companies Taiho and Celgene, the former two investing through their GV and Taiho Ventures units.
The series D also included Wellington Management, EcoR1 Capital, BVF Partners, Decheng Capital, Hillhouse, Aisling Capital, Column Group, Foresite Capital, Invus Opportunities, Droia Oncology Ventures and entities affiliated with Leerink Partners.
Stanford University contributed to a $70m round in 2016, led by GV and with additional participation from Taiho Ventures, Invus and Droia Oncology Ventures.
Arcus’ shareholders also include pharmaceutical firm Novartis, Foresite and a range of private backers.
GV is the company’s largest shareholder, owning a 14.3% stake. Its next biggest investors are Column Group (10.1%) and Foresite (9.8%). Stanford University is not listed among the shareholders that own more than 5%.
Citigroup Global Markets, Goldman Sachs and Leerink Partners are joint book-running managers for the IPO, which is set to take place on the New York Stock Exchange.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
