Unum Therapeutics Inc. plans to offer 6,635,500 common shares at an expected price between $12 and $14 apiece to raise about $92.9 million in an IPO on the Nasdaq Global Select Market.
The shares to be sold include 865,500 shares that the underwriters have an option to purchase.
Certain of the company's existing stockholders, including affiliates of the directors, have indicated an interest in purchasing up to $37.5 million of shares. In addition, the company said Seattle Genetics Inc. agreed to buy $5 million of its common shares.
The Cambridge, Mass.-based biopharmaceutical company estimates net proceeds at $13 per share to be about $67 million, or about $77.4 million if the underwriters fully exercise their option to buy additional shares.
The company plans to use net proceeds from the offering and the placement to advance its product candidates.
Unum Therapeutics will use about $20 million to advance its product candidate ACTR087 in combination with rituximab through completing its ongoing phase 1 trial for adult patients with B cell non-Hodgkin lymphoma that has returned or is resistant to treatment. It will use about $9 million to fund through 2019 a phase 2 trial of ACTR087 with rituximab for adult patients with the disease, who received prior CD19 CAR-T therapy.
Rituximab is sold under the brand name Rituxan, which is jointly marketed by Biogen Inc. and Roche Holding AG's Genentech USA Inc.
The company will use about $8 million to advance its product candidate ACTR707 in combination with rituximab through completing its phase 1 trial for adult patients with non-Hodgkin lymphoma that has returned or is resistant to treatment. It will also use $16 million to advance ACTR707 in combination with trastuzumab through submitting an investigational new drug application and to fund its phase 1 trial through 2019.
Trastuzumab is sold by Roche as Herceptin.
The company will use the remaining net proceeds to develop product candidates in earlier stages of development and any additional product candidates that it selects, to expand head count and internal capabilities as well as for working capital and other general corporate purposes
Unum Therapeutics has applied to list its common stock on the Nasdaq Global Market under the symbol UNUM.
Morgan Stanley & Co. LLC, Cowen and Co. LLC, SunTrust Robinson Humphrey Inc. and Wedbush Securities Inc. are acting as underwriters for the IPO.