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Cancer therapy developer Allogene Therapeutics closes $372.6M IPO

Cancer therapy developer Allogene Therapeutics Inc. closed its IPO of 20,700,000 of its common shares at $18 apiece for gross proceeds of about $372.6 million.

The common stock issued included 2,700,000 shares sold following the full exercise of the underwriters' overallotment option.

South San Francisco, Calif.-based Allogene's shares were up by almost 39% to $25 per share at the close of market Oct. 11, granting the biotechnology company a market value of more than $2 billion.

The immuno-oncology company, which has at least one product in human testing, was co-founded by former Kite Pharma Inc. executives Arie Belldegrun and David Chang. Belldegrun is the former chairman, president and CEO of Kite Pharma, and Chang is the former executive vice president for research and development and chief medical officer of the company.

Gilead Sciences Inc. acquired Kite Pharma for about $12 billion in 2017.

Allogene Therapeutics focuses on the research, development and marketing of genetically engineered allogeneic T cell therapies to treat cancer.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Cowen and Co. LLC and Jefferies LLC acted as the joint book-running managers for the IPO.