Silverback Therapeutics will elevate $241.5 million because the Seattle biotech firm goes public Friday.
Silverback priced its IPO on Thursday night at $21 per share, which exceeded the excessive finish of its anticipated vary ($17 to $19). The corporate is promoting 11.5 million shares.
Based in 2016, Silverback makes use of a proprietary know-how platform known as ImmunoTAC to develop therapies that focus on particular areas of illness in a approach designed to keep away from damaging wholesome tissue. Its lead product candidate, designated SBT6050, makes use of monoclonal antibodies to focus on breast, gastric and lung cancers. It’s at present in Part 1/1b scientific trials, in response to its IPO filing.
Silverback would be the fourth Washington state firm to go public this yr, following well being tech startup Accolade, advertising and marketing startup ZoomInfo, and Athira Pharma, one other Seattle-based biotech firm that went public in September.
A document variety of biotech firms are going public this yr, in response to BioPharma Dive, together with 15 since October — and all however one have seen shares rise since their IPOs.
Silverback raised $210 million in enterprise capital over its lifetime as a personal firm, together with an $85 million round in September, led by EcoR1 Capital; and a $78.5 million round in March, led by U.S. Enterprise Companions.
The corporate is led by CEO Laura Shawver, a veteran biotech govt and entrepreneur who joined the corporate as CEO in April. She was beforehand CEO of San Diego-based biotech firm Synthorx, main the corporate by a $2.5 billion acquisition by Paris-based Sanofi. An ovarian most cancers survivor, Shawver can be the founding father of the nonprofit Clearity Foundation, supporting different ladies with the illness.
Dr. Peter Thompson is Silverback’s chairman, co-founder and former CEO. He’s additionally a personal fairness companion at OrbiMed and beforehand co-founded Corvus Prescribed drugs, Cleave Biosciences, Edgewise Therapeutics, and Trubion Prescribed drugs.
The corporate plans to commerce on the Nasdaq underneath the image SBTX.