UK-based Achilles Therapeutics unveils US$175.5mln IPO at Nasdaq debut

Achilles Therapeutics plc (NASDAQ: ACHL) announced the pricing of its IPO on the Nasdaq that will raise US$175.5mln (£127.8mln).

The clinical-stage biopharma, which is developing precision T cell therapies to treat solid tumours, will place 9.7mln American depositary shares (ADSs) at US$18 a pop.

The ADSs, all offered by Achilles, are expected to begin trading on Wednesday.

The UK-based firm has granted the underwriters a 30-day option to purchase up to an additional 1.4mln ADSs at the IPO price, less underwriting discounts and commissions.

FTSE 250-listed Syncona Limited (LON:SYNC) will retain a 27% stake in Achilles worth £145.4mln after the flotation, an increase in value of £50.6mln since it first invested.

“Today’s milestone is a significant achievement for Achilles as it seeks to deliver its ambition of bringing neo-antigen targeted T-cell therapies to cancer patients,” said Martin Murphy, chief executive at the healthcare giant’s investment management arm.

“It comes less than five years after Syncona’s first investment at the foundation of the company and we look forward to seeing the company’s continued progress.”

Story by ProactiveInvestors