Vir Biotechnology Inc. is planning an IPO of up to $100 million of its common stock on the Nasdaq Global Select Market.
The San Francisco-based company, which is focused on creating therapies that strengthen the immune system to treat serious infectious diseases, has applied to list its common shares on the exchange under the symbol VIR.
Vir Biotechnology has experimental treatments under development for the hepatitis B virus, influenza, HIV and tuberculosis.
The immunology company plans to use net proceeds from the IPO to complete a phase 1/2 clinical trial and fund related manufacturing needs for its experimental hepatitis B drug VIR-2218.
Vir Biotechnology also plans to use some of the proceeds for the planned phase 1 trial of VIR-3434, another potential drug under development to treat hepatitis B. It also plans to use the funds for the phase 1/2 clinical trial of its potential influenza drug VIR-2482.
The company will use any remaining proceeds for other clinical trials and preclinical programs, and for working capital and other general corporate purposes.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Cowen and Co. LLC and Barclays Capital Inc. are underwriters for the IPO.
George Scangos has been the company's CEO since January 2017. He has previously headed Biogen Inc. and Exelixis Inc. and has been the president of Bayer AG's Bayer Biotechnology.
The company is supported by a group of investors including a subsidiary of the Abu Dhabi Investment Authority, Arch Venture Partners LP, the Alaska Permanent Fund Corp., the Bill & Melinda Gates Foundation, the SoftBank Vision Fund and Singapore's state-owned Temasek fund.
Entities affiliated with ARCH Venture Partners own 27% of the company's capital stock as of Aug. 15, while SoftBank Vision Fund (AIV M1) LP owns 21.2% of the company's shares.
