Achilles Therapeutics has raised more than $175m in its initial public offering on the Nasdaq Global Select Market.
Achilles Therapeutics, a UK-based cancer immunotherapy developer spun out from University College London and Francis Crick Institute, has gone public following an initial public offering that raised more than $175m.
The spinout issued 9.75 million American Depositary Shares (ADSs) – representing the same number of ordinary stock – priced at $18 and listed on the Nasdaq Global Select Market under the ticker symbol ACHL.
Achilles is working on personalised T cell cancer therapies for solid tumours. Proceeds have been allocated to clinical trials, investigational new drug-enabling studies, platform development and an expansion of Achilles’ manufacturing capabilities.
The company raised $69.9m in its series C round four months ago from Syncona, OrbiMed, Boxer Capital, RA Capital Management, Forbion, Invus, Perceptive Advisors, Redmile Group and unnamed investors.
RA Capital led a $120m series B round in 2019, when Syncona, Forbion, Perceptive Advisors, Redmile and Invus also took part.
Achilles was launched in 2016 with $16.8m of funding from Syncona and Cancer Research Technology, the tech transfer arm of research charity Cancer Research UK.
Syncona remains Achilles’ largest shareholder with a 27.3% stake (down from 35.9%), while RA Capital holds 8.9% post-IPO, Baker Bros has an 8% stake and Forbion now owns 5.2%.
JP Morgan, BofA Securities and Piper Sandler are acting as joint book-running managers, while Chardan, Oppenheimer & Co and Kempen & Co are acting as co-managers. They have been granted a 30-day option to purchase up to an additional 1.46 million ADSs.