IPO - Profile

Summary

Offer Price Offer Size 3-Year Outlook Volatility First Day Turnover
$17.00 12,000,000 Positive High 12.2%

Offering Team

  • Legal counsel
  • Cooley LLP
  • Auditors
  • Ernst & Young LLP

Deal Highlights

We are a biopharmaceutical company leveraging our proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. We are initially focused on developing oral therapeutics against well-validated targets in immunology, with the goal of achieving comparable potency to their systemic biologic counterparts, which have demonstrated the greatest therapeutic benefit to date in these disease areas. Our platform, which we refer to as DELSCAPE, is designed to discover selective oral small molecules with the potential to modulate protein-protein interactions (PPIs) as effectively as systemic biologics. We believe there is a significant unmet medical need for convenient oral therapies in chronic immunological diseases that offer the therapeutic benefits of systemic biologics. Our lead therapeutic candidate, S011806, is an oral antagonist of the pro-inflammatory signaling molecule, interleukin-17 (IL-17), which is a validated drug target implicated in a variety of immunology indications. There are two approved antibody therapeutics, COSENTYX (secukinumab), marketed by Novartis, and TALTZ (ixekizumab), marketed by Eli Lilly, but no oral therapies targeting this pathway. COSENTYX and TALTZ both are approved for the treatment of psoriasis, psoriatic arthritis, ankylosing spondylitis and non-radiographic axial spondyloarthritis, and collectively generated approximately $5.8 billion in worldwide sales in 2020. In preclinical head-to-head studies, S011806 has shown a comparable selective inhibition profile to that of COSENTYX. We filed a Clinical Trial Application (CTA) with the Medicines and Healthcare Products Regulatory Agency (MHRA) in the United Kingdom for S011806 in July 2021 and plan to initiate a Phase 1 clinical trial in healthy volunteers and psoriasis patients. We also are developing oral therapeutic candidates targeting a4ß7 integrin and aVß1/aVß6 integrin for the treatment of inflammatory bowel disease (IBD) and idiopathic pulmonary fibrosis (IPF), respectively. We plan to nominate therapeutic candidates for these programs by the end of 2022, in the case of a4ß7, and by the end of 2023, in the case of aVßx. Additionally, through our partnership with Sanofi, we are developing a therapeutic candidate targeting a clinically-validated immuno-oncology target, and we anticipate filing an Investigational New Drug Application (IND) for this program by the end of 2023. Leveraging DELSCAPE, we are also evaluating other novel and validated immunology targets, including interleukin-23 (IL-23), tumor necrosis factor a (TNFa), neonatal Fc receptor (FcRn), and thymic stromal lymphopoietin (TSLP), among other potential targets, with a view toward advancing one or more programs into clinical development.

Deal Tracker

IPO Dates

Filing 14 Sep, 2021

Offer 15 Sep, 2021

Look Ahead

Lock Up Expiry Mar 15, 2022

IPO Terms

Offer Price $17.00
Offer Size 12M

Market Sentiments

Stock Price