Allogene, Which Announced Pfizer Agreement in April, Discloses IPO Plans -- Update

Date : 09/14/2018 @ 6:47PM
Source : Dow Jones News
Stock : Pfizer, Inc. (PFE)
Quote : 44.06  0.31 (0.71%) @ 7:29PM

Allogene, Which Announced Pfizer Agreement in April, Discloses IPO Plans -- Update

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   By Josh Beckerman 
 

Allogene Therapeutics Inc., a biotech company that has ties to Pfizer Inc. (PFE), and led by former Kite Pharma executives, disclosed plans on Friday for an initial public offering.

Allogene, which is developing CAR-T therapies for cancer, said in its Form S-1 that Pfizer owns a 24.6% stake.

The South San Francisco, Calif., company previously filed confidential IPO paperwork. It plans to trade on Nasdaq under the symbol ALLO.

Under an agreement announced in April, Pfizer contributed a portfolio of assets related to allogeneic CAR-T therapy and participated in a $300 million Series A financing. This month, Allogene sold $120.2 million of convertible promissory notes in a private placement.

Allogene took over a Pfizer collaboration and license agreement with Cellectis SA (CLLS).

Allogene Chief Executive David Chang was a former chief medical officer and executive vice president at Kite Pharma, and Chairman Arie Belldegrun was CEO of Kite, which was sold to Gilead Sciences Inc. (GILD) in 2017 for about $11.9 billion. Gilead was one of the investors in the Series A round.

The CAR-T therapy Yescarta was considered the crown jewel of Gilead's purchase of Kite, but the high costs of these drugs has contributed to a slow commercial start. A U.K. regulator said last month that Yescarta is too expensive to be recommended for use in that nation's health service.

The IPO filing lists an amount of $100 million but that is a placeholder figure and is likely to change.

 

--Jonathan D. Rockoff contributed to this article.

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

September 14, 2018 18:32 ET (22:32 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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