Three Biotechs Announce IPOs

IPO

Three clinical-stage biotechnology companies announced initial public offerings (IPOs) today. Here’s a summary.

Autolus Therapeutics Limited

The clinical-stage biopharmaceutical company developing next-generation programmed T cell therapies says it has begun the roadshow for its initial public offering in the United States of up to 7,812,500 American Depositary Shares (“ADSs”) representing 7,812,500 ordinary shares. The initial public offering price is currently expected to be between $15.00 and $17.00 per ADS, before underwriting discounts and commissions, which would result in an approximate total offering size of between $117.2 million and $132.8 million. The company, which will soon be reorganized as Autolus Therapeutics plc, also expects to grant the underwriters a 30-day option to purchase up to an additional 1,171,875 ADSs at the initial public offering price after underwriting discounts and commissions. Using a broad suite of proprietary and modular T cell programming technologies, the company engineers precisely targeted, controlled and highly active T cell therapies designed to better recognize cancer cells, break down their defense mechanisms and eliminate these cells. Autolus has a pipeline of product candidates in development for the treatment of hematological malignancies and solid tumors. All ADSs to be sold in the proposed offering will be sold by Autolus, which has applied to list its ADSs on the Nasdaq Global Market under the ticker symbol "AUTL."

Book running managers: Goldman Sachs & Co. LLC and Jefferies LLC.

Lead managers: Wells Fargo Securities, LLC and William Blair & Company, LLC.

Magenta Therapeutics

Based in Cambridge, MA, Magenta is offering 6,666,667 shares of its common stock, subject to market and other conditions, and intends to grant the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of common stock. The company develops therapeutics focused on critical areas of unmet need in the field of bone marrow transplant for patients with autoimmune diseases, blood cancers and genetic diseases. All shares to be sold in the proposed offering will be offered by Magenta. The initial public offering price is currently expected to be between $14.00 and $16.00 per share. Magenta has applied to list the shares on the NASDAQ Global Market under the symbol “MGTA.”

Book running managers: J.P. Morgan, Goldman Sachs & Co. LLC and Cowen.

Lead manager: Wedbush PacGrow.

MeiraGTx Holdings plc

The clinical stage gene therapy company is offering an IPO of 5,000,000 ordinary shares at a public offering price of $15.00 per share, for total gross proceeds of approximately $75.0 million. In addition, the company has granted the underwriters a 30-day option to purchase up to 750,000 additional ordinary shares from the company at the initial public offering price, minus the underwriting discounts and commissions. Headquartered in New York and London, MeiraGTx is a clinical-stage gene therapy company focused on developing potentially curative treatments for patients living with serious diseases. They currently have four ongoing clinical programs, including three ocular indications and a salivary gland condition. Trading is expected to begin today on the Nasdaq Global Select Market under the ticker symbol "MGTX." The offering is expected to close on June 12, 2018, subject to customary closing conditions.

Book running managers: BofA Merrill Lynch, Barclays and Evercore ISI.

Lead manager: Chardan.

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