Upping the numbers two times, Silverback now readies a 10 million share offering.
Silverback CEO Laura Shawver pictured above. Photo courtesy of Silverback Therapeutics.
Why settle for less when you can have more? Silverback Therapeutics has upped the ante on their IPO not once but twice, from an initial $125 million raise, to $151.8 million, to now setting sights on a $195 million raise, a 56% increase. The firm will offer 10 million shares at a range of $19 to $20 apiece.
Silverback’s technology, ImmunoTAC, distinguishes itself from the competition by developing therapies that act only at the sites of disease, sparing healthy tissues from unwanted side effects. The platform pairs payloads that modulate disease-modifying pathways with monoclonal antibodies directed at specific disease sites. Its new class of targeted immuno-oncology agents direct a myeloid cell activator, which can permeate even solid tumors that are resistant to T-cell targeted immunotherapies.
The biotech’s pipeline is made up of TLR8 agonist candidates, with the lead currently in Phase I clinical study as a monotherapy to activate human myeloid cells in HER2-expressing tumors. Preclinical data on SBT6050 showed potential to maximize anti-tumor immune responses, even in tumors lacking T-cells. An update of interim data is expected in the second half of 2021.
This year has already brought in a good chunk of change for Silverback. In March, their oversubscribed Series B raked in $78.5 million. Then September brought the biotech $85 million more in a Series C. With a successful IPO, the company will have raised $405 million since its 2016 launch.
With industry-veteran Laura Shawver at the helm, Silverback hopes to prove their merit in treating highly prevalent forms of cancer – breast, gastric, NSCLC, bladder, TNBC, head & neck and other solid tumors.
After their most recent Series C, Shawver said, “Our new investors understand our fundamental science, our goal to help cancer patients, and the value creation potential of our programs. It’s awesome to have new partners in our journey along with current investors!”
Even amidst a deadly pandemic, Silverback’s announcement brings the biotech IPO record-breaking total to around 65 biotechs according to a tracker on BioPharma Dive. And the year isn’t quite over yet. Compared to the 38 biotech IPOs in 2019 and 45 in 2018, 2020 has the Nasdaq’s head spinning.
The company will trade under the symbol SBTX with Goldman Sachs, SVB Leerink and Stifel as joint bookrunners on the deal.
