University of Washington spinout Icosavax has filed for an initial public offering on the Nasdaq Global Select Market, with financial terms yet to be set.

Icosavax, a US-based vaccine developer based on research at University of Washington (UW), filed for an initial public offering on Tuesday with a $100m placeholder target.
The company hopes to list on the Nasdaq Global Select Market under the symbol ICVX. It has not yet set any terms for the proposed offering.
Founded in 2017, Icosavax is working on vaccines for infectious diseases that cause life-threatening respiratory illnesses. Its pipeline includes IVX-A12 and IVX-411, candidates aimed at respiratory syncytial virus and Sars-CoV-2, respectively.
The spinout has also signed a licensing agreement with University of Texas at Austin to develop a vaccine aimed at human metapneumovirus. Icosavax’s original research is based on work by co-founders Neil King and David Baker at UW’s Institute of Protein Design.
Proceeds from the offering would go towards the continued development of its current pipeline, including further progressing IVX-A12 and IVX-411 through the clinic.
Icosavax closed a $100m series B round in April 2021 led by RA Capital Management, with participation from pharmaceutical firm Sanofi’s investment unit, Sanofi Ventures, Janus Henderson Investors, Perceptive Advisors, Viking Global Investors, Cormorant Asset Management, Omega Funds, Open Philanthropy and Surveyor Capital.
Qiming Venture Partners USA, Adams Street Partners and ND Capital (formerly known as NanoDimension) also took part in the series B round, having already backed a $51m series A round in 2019 together with Sanofi Ventures.
Icosavax disclosed in its draft prospectus that an angel investor – the father of chief scientific officer Douglas Holtzman – also invested in the company, purchasing series 1 convertible stock in 2018 that automatically converted to series A shares the following year.
Qiming Icosavax’s largest shareholder ahead of the IPO with a 13% stake, followed by Adams Street (12.8%), RA Capital Management (12.3%), Sanofi (12.2%) and ND Capital (10.8%).
Jefferies, Cowen and Company, Evercore Group and William Blair and Company have been appointed as underwriters.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.