Return to search

IPO Profiles: Three IPOs in January, led by Third Rock-backed Jounce

The number of VC-backed IPOs rose to three in January, from none in December.

The largest IPO in the first month of the year was Jounce Therapeutics, with nearly $102 million worth of shares sold.

The Cambridge, Massachusetts-based company, which develops therapies that enable the immune system to attack tumors, raised more than $100 million from investors, including Third Rock Ventures, according to Thomson Reuters data.

Combined, the three IPOs raised about $280 million in proceeds during the month.

Details below on Jounce and the two other venture-backed companies to go public in the month, which include AnaptysBio Inc and Obseva SA.

IPO Profile: Jounce Therapeutics Inc

Company Details

Cambridge, Mass.

857-259-3840

http://jouncetx.com/

Description: Jounce Therapeutics Inc is a clinical-stage immunotherapy company. The company is engaged in developing therapies that enable the immune system to attack tumors. Through the use of its Translational Science Platform, the company first focuses on specific cell types within tumors to prioritize targets, and then identify related biomarkers designed to match the right therapy to the right patient. The company’s lead product candidate, JTX-2011, is a clinical-stage monoclonal antibody that binds to and activates the Inducible T cell CO-Stimulator (ICOS), a protein on the surface of certain T cells found in a range of solid tumors. The company has initiated JTX-2011 multi-arm Phase I/II clinical trial in patients with solid tumors. The company is also developing JTX-4014 for use in future combinations with JTX-2011, as well as for use in combination with other future product candidates. The company is developing JTX-4014, a fully human Immunoglobulin G 4 (IgG4) monoclonal antibody.

IPO Details

Exchange and Ticker: Nasdaq: JNCE

Filing Range: 6.36 million shares @ $13 to $15 a share

Date of IPO: 1/27/17

Offering Price: $16

Offering Size: $101.8 million

Closing Price on 1/27/17: $17.25

Closing Price on 1/31/17: $16.58

Shares Outstanding: 31.2 million

Market Capitalization on 1/31/17: $516.75 million

Underwriters: JP Morgan Securities LLC, Cowen & Co

Co-manager: Robert W Baird & Co Inc

Company Counsel: Goodwin Procter LLP

Manager Counsel: Davis Polk & Wardwell

Auditor: Ernst & Young LLP

Investment Details

Backers

  • Third Rock Ventures LLC
  • Nextech Invest AG
  • Foresite Capital Management LLC
  • Omega Fund Management LLC
  • BPT Asset Management A/S
  • Wellington Management Company LLP

Total Funding Raised: $103 million

IPO Profile: AnaptysBio Inc

Company Details

San Diego, Calif.

858-362-6295

www.anaptysbio.com

Description: AnaptysBio Inc is a clinical stage biotechnology company. The company is engaged in developing antibody product candidates focused on inflammation. The company is engaged in developing product candidates using its antibody discovery technology platform. The company’s antibody programs, ANB020 and ANB019, neutralize therapeutic targets that are genetically associated with severe inflammatory disorders in humans. ANB020 inhibits the activity of the interleukin-33 (IL-33), cytokine for the treatment of moderate-to-severe adult atopic dermatitis, severe adult peanut allergy and severe adult eosinophilic asthma. Its product candidate, ANB019, inhibits the interleukin-36 (IL-36R), receptor for the treatment of rare inflammatory diseases, including generalized pustular psoriasis (GPP), and palmo-plantar pustular psoriasis (PPP). The company is also developing checkpoint receptor agonist antibodies for the treatment of certain autoimmune diseases.

IPO Details

Exchange and Ticker: Nasdaq: ANAB

Filing Range: 5 million shares @ $14 to $16 a share

Date of IPO: 1/26/17

Offering Price: $15

Offering Size: $75 million

Close Price on 1/26/17: $17

Close Price on 1/31/17: $16.95

Shares Outstanding: 19.2 million

Market Capitalization on 1/31/17: $324.75 million

Underwriters: Credit Suisse Securities (USA), Stifel Nicolaus & Co Inc

Co-manager: JMP Securities LLC/ Wedbush Securities

Company Counsel: Fenwick & West LLP

Manager Counsel: Cooley LLP

Auditor: KPMG LLP

Investment Details

Backers

  • Avalon Ventures, LLC
  • Alloy Ventures Inc
  • Frazier Management LLC
  • Novo A/S
  • HBM Healthcare Investments AG
  • BVF Partners LP
  • Wilson Sonsini Goodrich And Rosati Professional Corp
  • Numenor Ventures LLC

Total Funding Raised: $111.2 million

IPO Profile: Obseva SA

Company Details

Plan-les-Ouates, Switzerland

41-22-700-0587

www.obseva.com

Description: Obseva SA is a Switzerland-based company active in the pharmaceutical and medical research sector. The company develops oral compounds to treat women’s reproductive health conditions from conception to birth. Its pipeline includes three product candidates: OBE2109 is an oral gonadotropin-releasing hormone (GnRH) receptor antagonist that binds to and blocks the endogenous GnRH from activating its pituitary receptors, which reduces estrogen production by the ovaries and leads to amenorrhea. OBE001 (nolasiban) is an oral, new generation oxytocin antagonist with the potential to inhibit uterine contractions at the time of embryo transfer, thereby enhancing embryo implantation during assisted reproductive technologies (ART). BE022 is an orally active small molecule dinoprost (PGF2a) receptor antagonist.

IPO Details

Exchange and Ticker: Nasdaq: OBSV

Filing Range: 6.45 million shares @ $14 to $16 a share

Date of IPO: 1/26/17

Offering Price: $15

Offering Size: $96.8 million

Closing Price on 1/26/17: $11.65

Closing Price on 1/31/17: $11.66

Shares Outstanding: 29.6 million

Market Capitalization on 1/31/17: $345.5 million

Underwriters: Credit Suisse Securities (USA), Jefferies LLC, Leerink Partners LLC

Company Counsel: Cooley LLP

Manager Counsel: Latham & Watkins

Auditor: PricewaterhouseCoopers SA

Investment Details

Backers

  • Sofinnova Ventures Inc
  • Novo A/S
  • Merck Serono SA
  • Rock Springs Capital Management LP
  • New Enterprise Associates
  • HBM Healthcare Investments AG
  • OrbiMed Advisors LLC

Total Funding Raised: $93.3 million

Source: Thomson Reuters

Download Data in Excel: IPO Aftermarket as of Jan. 31, 2017

Photo of the exterior of the Nasdaq market site in New York City, Oct. 24, 2016, courtesy of Reuters/Shannon Stapleton