Alnylam Pharmaceuticals Inc., of Cambridge, Mass., priced an underwritten registered public offering of 5.6 million shares at $125 each for gross proceeds of about $700 million. The offering was upsized from the previously announced offering size of $675 million, and is expected to close Thursday. Alnylam, which is focused in the area of RNA interference, has granted the underwriters a 30-day option to purchase up to an additional 840,000 shares. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Barclays Capital Inc. are acting as joint book-running managers for the offering. Credit Suisse is serving as lead manager, with Piper Jaffray & Co., JMP Securities, Needham & Co., Chardan and B. Riley FBR acting as co-managers. Shares of Alnylam (NASDAQ:ALNY) closed Tuesday at $130.32, up $1.21.
Apellis Pharmaceuticals Inc., of Crestwood, Ky., closed its IPO of about 10.7 million shares at $14 each for gross proceeds of about $150 million. The company granted the underwriters a 30-day option to purchase up to about 1.6 million more shares. Citigroup, J.P. Morgan, and Evercore ISI acted as joint book-running managers. Shares of Apellis (NASDAQ:APLS), which is focused on developing complement inhibitors, closed Tuesday at $13.93. The firm started trading last Thursday.
Denali Therapeutics Inc., of South San Francisco, filed for an IPO to raise up to $100 million. The company develops drugs for neurodegenerative diseases, and last year signed a potential $1 billion agreement with bispecific antibody specialist F-star Ltd., of Cambridge, U.K. (See BioWorld Today, Aug. 26, 2016.)
Immusant Inc., of Cambridge, Mass., completed a $40 million series C equity financing from Arch Venture Partners and Vetera Healthcare Partners. The company, which is developing Nexvax2, a therapeutic vaccine designed to induce immune tolerance in celiac disease, will use the proceeds to fund a randomized phase II trial of escalating doses of Nexvax2 in celiac patients who possess the human leukocyte antigen-DQ2.5 immune recognition gene. Nexvax2 will be studied as an adjunct to a gluten-free diet to demonstrate clinically relevant proof of concept for patients receiving a gluten challenge. Funds will also be used for the continued advancement of the company's diagnostic biomarker program and platform expansion as well.
Locus Biosciences Inc., of Research Triangle Park, N.C., closed a $19 million series A round. The company is working on a next-generation CRISPR/Cas platform for antimicrobials. Artis Ventures led the round, with additional financing from notable institutional investors Tencent Holdings Ltd., Abstract Ventures and the North Carolina Biotechnology Center, among others. The financing will fund the company through filing its first IND, as well as the subsequent first-in-human trial.
Monopar Therapeutics Inc., of Chicago, closed a $9.7 million financing concurrent with the acquisition of GPX-150 from Gem Pharmaceuticals LLC, of Birmingham, Ala. GPX-150, a version of doxorubicin engineered to retain the anticancer activity while minimizing damage to the heart, showed activity in a phase II soft tissue sarcoma trial. Monopar plans to advance the compound as a combination therapy in cancer indications where doxorubicin demonstrates strong antitumor activity but has had its use restricted due to cardiotoxicity. The company also recently filed a Form 10 as a path toward a public listing.
Odonate Therapeutics Inc., of San Diego, filed for an IPO to raise up to $173 million. The firm, which is developing oral chemotherapy drugs, plans to trade on Nasdaq under the symbol ODT. Goldman Sachs, Jefferies and Cowen & Co. are serving as joint bookrunners.
Oncosec Medical Inc., of San Diego, which is developing DNA-based intratumoral cancer immunotherapies, said it entered a warrant exercise agreement with certain holders of outstanding warrants to purchase up to an aggregate of 5.5 million shares of common stock, at $1.69 per share. As a result, the company received gross proceeds of approximately $9.3 million from the warrant exercise, which the company expects to use for working capital and general corporate purposes.
Proqr Therapeutics NV, of Leiden, the Netherlands, priced its public offering and concurrent registered direct offering of ordinary shares at $3.25 per share for gross proceeds of about $20 million. Proqr also granted underwriters a 30-day option to purchase up to 745,471 additional ordinary shares, which could bring in another $2.4 million. H.C. Wainwright & Co. is acting as sole book-running manager, while National Securities Corp. is acting as co-manager. Proqr develops RNA therapies for rare genetic disorders. The company's shares (NASDAQ:PRQR) fell 47 cents, or 13.7 percent, to close Tuesday at $3.
Sage Therapeutics Inc., of Cambridge, Mass., which is developing medicines to treat central nervous system disorders, said it has begun an underwritten public offering of $300 million of its common stock. The company also intends to grant the underwriters a 30-day option to purchase up to an additional $45 million of its common stock.
Sareum Holdings plc, of Cambridge, U.K., which is focused on cancer drug discovery, said it has raised £700,000 (US$922,427) through a placement of 100 million new ordinary shares at 7 pence each. The net proceeds of the placing will be used to progress the company's drug development programs as well as for working capital purposes. Its most advanced program, SRA-737, is a checkpoint kinase 1 inhibitor licensed to Sierra Oncology Inc., of Vancouver, British Columbia, and in clinical trials targeting a range of advanced cancers.