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Adaptimmune secures $100M funding from private equity firms

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Adaptimmune secures $100M funding from private equity firms

Adaptimmune Therapeutics PLC said it had attracted a $100 million investment from a handful of private equity firms.

Adaptimmune entered an agreement with Matrix Capital Management Co. LP, New Enterprise Associates 16 LP, New Enterprise Associates 14 LP and Syncona Ltd. The firms will buy $100 million worth of the U.K.-based biopharmaceutical company's American depositary shares at $10 each.

The offering is expected to close Sept. 7, subject to customary closing conditions.

Adaptimmune said net proceeds will be used for the clinical development of its wholly owned pipeline of SPEAR T-cell candidates for treating multiple types of cancer and for other general corporate purposes.

In July, GlaxoSmithKline PLC acquired one of the cell therapy programs from Adaptimmune for about $27.5 million.

"This financing strengthens our balance sheet and extends our runway through to late 2020," Adaptimmune CEO James Noble said in a statement.