Biopharmaceutical Firm Orchard Plans U.S. IPO
October 04 2018 - 6:40PM
Dow Jones News
By Maria Armental
Orchard Therapeutics is seeking to raise up to $172.5 million
from a planned stock offering in the U.S., according to a
regulatory filing.
The U.K. biopharmaceutical company, which has yet to post a
profit, filed documents for the offering under Orchard RX Ltd. but
said it would change its name to Orchard Therapeutics PLC. It plans
to apply for its American depositary shares to trade on the Nasdaq
under the symbol ORTX.
The documents filed Thursday with the Securities and Exchange
Commission show the company's loss for the first half of this year
surged to more than $138 million, from about $13 million in the
comparable period a year earlier, as research and development
spending increased.
In August, the company raised about $150 million in a Series C
financing round led by Deerfield Management.
In April, Orchard entered into an agreement with GlaxoSmithKline
PLC under which the company transferred its rare-disease
gene-therapy portfolio to Orchard, including Strimvelis, a
treatment approved in Europe for children born with a form of an
extremely rare immune-system condition often referred to as
"bubble-boy disease."
GSK has a roughly 17.9% stake in Orchard, according to the
documents, and F-Prime Capital Partners is the largest shareholder
with a 29.3% stake.
Orchard said it would use the proceeds from the offering in part
to commercialize Strimvelis in the European Union and expand
marketing and sales operations in key markets, including the
U.S.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 04, 2018 18:25 ET (22:25 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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