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Antibody Maker AnaptysBio Joins IPO Queue With $86M In Its Sights

Xconomy San Diego — 

San Diego-based AnaptysBio, a developer of antibody-based drugs, has placed a stake in the ground to go public, filing IPO paperwork Wednesday.

The 10-year-old firm recently raised a $40 million Series D round of funding from crossover investors, setting itself up for a run at the public markets. Crossover investors have helped fuel the three-year biotech boom with large investment rounds, but the August market downturn hit biotech hard, raising questions whether the IPO run could continue into the fall.

Add Anaptys to the list I recently compiled of private biotechs that have raised crossover rounds since the start of 2014; there are more than two dozen that might try for an IPO in coming months.

Like many biotech firms, it has attracted collaborators with its platform, including Tesaro (NASDAQ: TSRO) in oncology and Celgene (NASDAQ: CELG) in inflammation. Both of those programs have yet to reach clinical trials. Anaptys has brought in nearly $49 million in non-dilutive funding from those deals as of the end of August.

It plans to move two wholly-owned lead product candidates into clinical trials in 2016, according to its filing. Those trials would take place in Australia, which means Anaptys would still need to apply to run clinical trials in the U.S.

Frazier Healthcare is the largest Anaptys shareholder, with 23.2 percent, followed by Novo A/S (21.3 percent), Avalon Ventures (15.2 percent), Alloy Ventures (9.1 percent), Biotechnology Value Fund (7.2 percent), and HBM Healthcare (6.7 percent). CEO Hamza Suria owns 2.9 percent of the company.

Anaptys has set an initial goal of raising $86 million, although IPO targets tend to change as a potential offering draws closer. The company plans to trade on the Nasdaq under the ticker “ANAB.”

Photo courtesy of D. Sharon Pruitt via a Creative Commons license.