The UCL spinout has set the pricing range at $15 to $17 and stands to raise nearly $144m in proceeds if underwriters take up their 30-day option.
Autolus, a UK-based cancer-focused biopharmaceutical spinout from University College London (UCL), on Friday set its pricing shares for an initial public offering on Nasdaq at $15 to $17.
The spinout will offer 7.8 million American Depositary Shares (ADSs), representing the same number of ordinary shares, to raise between $117m and $133m. The IPO could rise to nearly $144m if underwriters take up their 30-day option to purchase an additional 1.2 million ADSs.
Founded in 2014, Autolus is developing a range of immuno-oncology treatments that target both haematological and solid tumours. It picked up an additional licence for an asset aimed at leukaemia and lymphoma in early May, shortly before revealing plans for a $100m IPO.
The spinout is based on research undertaken 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. In September 2017, Autolus obtained $80m in a series C round that featured 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 backed the series C round.
Woodford had previously contributed to a $57m series B round in 2016 alongside Perceptive Bioscience Investments, after Syncona supplied $45m in series A funding in 2015.
The spinout had cash reserves of approximately $121m as of March 2018. Autolus 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, which will be reduced to 32.2% following the listing.
Woodford owns a 26.4% stake and will retain 20.9%, while Arix Bioscience has a 9.1% stake that will drop to 7.2%. UCL Business, the tech transfer office of UCL, is not listed among the major shareholders.
Goldman Sachs and Jefferies are acting as joint book-running managers for the offering. Wells Fargo Securities and William Blair are serving as lead managers.