Lucky Juno Therapeutics Sets Terms For Biggest IPO Of 2014: $191 Million

Published: Dec 11, 2014

Lucky Juno Therapeutics Sets Terms For Biggest IPO Of 2014: $191 Million
December 9, 2014
By Riley McDermid, Breaking News Sr. Editor

Seattle-based startup Juno Therapeutics has advanced to the next step of debuting an initial public offering, saying in a filing with the U.S. Securities and Exchange Commission Tuesday that it will price its IPO at as much as $191 million.

Juno said in the filing it will sell 9.25 million shares at $15 to $18 a share. The spinoff from Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and Seattle Children’s Research Institute said last month it would go public but has not put a timeline on its offering.

Juno joins a long list of gene therapy biotechs attempting to IPO this year; the company uses human T cells to help fight cancer.

Juno's filing showed it is aware of the market risks involved.

“Our longer-term goal is to revolutionize medicine through the application of cell-based therapies,” the company writes in its SEC filing. “In particular, we believe that genetically-engineered T cells have the potential to meaningfully improve survival and quality of life."

Juno will need every penny of its IPO coffers and existing $314 million in venture funding from Arch Venture Partners, founder Jeff Bezos and largest stakeholder Alaska Permanent Fund, which owns 34 percent of the venture.

“Our very short history as an operating company makes any assessment of our future success or viability subject to significant uncertainty,” the company writes. “We will encounter risks and difficulties frequently experienced by early-stage companies in rapidly evolving fields. If we do not address these risks successfully, our business will suffer."

Juno had only $237 million in cash on the books as of Sept. 30.

Earlier this month it beefed up its intellectual property portfolio by agreeing to pay Connecticut-based Opus Bio $20 million and 1.6 million shares of Juno stock in exchange for an exclusive license to patents and data related to various human monoclonal antibodies and their use in immunotherapy.

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