ADC Therapeutics SA, of Lausanne, Switzerland, set terms for its proposed $200 million IPO, disclosing that it will offer approximately 8.2 million common shares priced between $23 and $26 each. The company granted underwriters an option to purchase up to approximately 1.2 million additional shares, already approved for listing on the New York Stock Exchange under the ticker ADCT. In its amended F-1 filing with the SEC, ADC said Astrazeneca plc, Redmile Group LLC and other existing shareholders or affiliates indicated interest in purchasing up to approximately $115 million of the IPO shares. Morgan Stanley, BofA Merrill Lynch and Cowen are joint book-running managers on the deal. In June, ADC added a $76 million extension to its series E round, which had an initial close of $200 million in October 2017, on the basis of progress with its two lead antibody-drug conjugates (ADCs). Loncastuximab tesirine (ADCT-402) is a CD19-targeting antibody carrying a pyrrolobenzodiazepine (PBD) warhead, and camidanlumab tesirine (ADCT-301) is a CD25-directed PBD-based ADC, both indicated to treat forms of lymphoma. (See BioWorld, June 13, 2019.)

Aprea Therapeutics Inc., of Boston, a portfolio company of Karolinska Development AB, set terms for its proposed IPO, seeking to raise $75 million by offering 5 million shares priced in a range of $14 to $16 apiece. The company granted underwriters a 30-day option to purchase up to 750,000 additional shares. Aprea plans to list on the Nasdaq Global Select Market as APRE. J.P. Morgan, Morgan Stanley and RBC Capital Markets are joint bookrunners. In December 2018, Aprea took in SEK512 million (US$56.4 million) in a series C round to continue development of its cancer drug, APR-246, a p53 tumor suppressor protein stimulator that is undergoing trials in multiple cancer indications. (See BioWorld, Dec. 3, 2018.)

Frequency Therapeutics Inc., of Woburn, Mass., disclosed terms for its IPO, seeking to raise $101 million by offering 6.7 million shares priced in range of $14 to $16. The company granted underwriters a 30-day option to purchase up to approximately 1.0 million additional shares. Frequency plans to list on the Nasdaq Global Market as FREQ. J.P. Morgan, Goldman Sachs, and Cowen are joint bookrunners on the offering, designed primarily to advance development of lead candidate FX-322, a small-molecule activator of Lgr5-positive epithelial stem cell proliferation and differentiation into hair cells, as a treatment for sensorineural hearing loss. In July, Frequency attracted Astellas Pharma Inc., of Tokyo, as a development partner in a potential $545 million deal that included $80 million up front. (See BioWorld, July 18, 2019.)

IGM Biosciences Inc., of Mountain View, Calif., said it closed its IPO of approximately 12.6 million common shares, priced at $16 apiece, including the full exercise by underwriters of the overallotment option to purchase approximately 1.6 million additional shares. IGM said the IPO generated gross proceeds of approximately $201.3 million. Jefferies, Piper Jaffray, Stifel and Guggenheim Securities acted as joint bookrunners. On Monday, the company's shares (NASDAQ:IGMS) closed at $21 for a loss of 40 cents. (See BioWorld, Aug. 21, 2019.)

Innate Pharma SA, of Marseille, France, filed a registration statement with the SEC for a U.S. IPO, proposing to raise $100 million through an offering of American Depositary Shares (ADSs) and a concurrent private placement of its ordinary shares in Europe and other countries outside the U.S. The number of ordinary shares to be represented by each ADS, number of ADSs and ordinary shares to be offered and price range for the proposed global offering were not disclosed. Innate said it applied to list its ADSs on the Nasdaq Global Market under the ticker IPHA. The company's ordinary shares are listed on Euronext Paris as IPH, closing Monday at €7.17 (US$7.88). Citigroup, SVB Leerink and Evercore ISI are joint bookrunners for the U.S. offering, with Citigroup as global coordinator for the European private placement.

Onconova Therapeutics Inc., of Newtown, Pa., said it inked securities purchase agreements with institutional and accredited investors for a registered direct offering of approximately 2.1 million common shares priced at $1.60 apiece – the closing price of the company's shares (NASDAQ:ONTX) on Sept. 20 – for gross proceeds of approximately $3.4 million. Onconova agreed that for each common share purchased in the offering by an investor, a corresponding number of Onconova warrants issued to that investor in February 2018 and/or April 2018, as applicable, will be amended to have a reduced exercise price of $1.60 apiece, with the exercise term extended to Dec. 31, 2022. The company did not disclose specific use of proceeds. The offering is expected to close by Sept. 25, subject to customary conditions. H.C. Wainwright & Co. served as exclusive placement agent. ONTX shares closed Monday at $1.15, down 45 cents.

Scilex Holding Co., a majority-owned subsidiary of Sorrento Therapeutics Inc., of San Diego, said that it confidentially submitted a draft registration statement to the SEC related to a proposed IPO of its common stock, which the company expects to initiate following completion of the SEC review process, subject to market and other conditions. Scilex said the size and price range for the proposed offering were not yet determined. Earlier this year, Scilex Pharmaceuticals Inc. merged with Semnur Pharmaceuticals to create Scilex Holding, which is focused on non-opioid pain management. (See BioWorld, March 25, 2019.)

Vedanta Biosciences Inc., of Cambridge, Mass., said it raised $16.6 million in a series C-2 financing, bringing the amount of its C round to $62.1 million. Participants included Quad Investment Management, SV Investment Corp., Shinhan Investment-Private Equity, Shinhan Capital-Yeollim Partners, Partners Investment Co. Ltd., FC Capital and Symbiosis LLC. They joined series C investors that included the Bill & Melinda Gates Foundation, Bristol-Myers Squibb Co. (BMS), Rock Springs Capital, JSR Corp. Shumway Capital, Invesco Asset Management, Health for Life (Seventure Partners), and founder Puretech Health. The additional funds are expected to support the expansion of Vedanta's clinical studies, including a recently launched phase Ib/II study of microbiome-derived immune modulator VE-416 in food allergy, a planned phase Ib/II study of microbiome-derived cancer immunotherapy VE-800 in combination with Opdivo (nivolumab, BMS) in advanced or metastatic cancers and an ongoing phase II study of microbiome modulator VE-303 in recurrent Clostridioides difficile infection.

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