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20 April 2017

G1 goes for $115m IPO

The oncology drug developer has raised $92.5m in VC funding, $11.5m of which came from MedImmune Ventures, the CVC unit that now owns a 16.7% stake.

Author: Robert Lavine, news editor, Global Corporate Venturing

G1 Therapeutics, an oncology therapy developer spun out of North Carolina University. has filed for a $115m initial public offering that will provide an exit for MedImmune, a subsidiary of pharmaceutical firm AstraZeneca.

G1 is developing anti-cancer therapeutics that will work as inhibitors of cyclin-dependent kinase, a family of proteins that certain kinds of tumours rely on to grow and spread. The IPO proceeds will support development of G1’s three main product candidates.

The company was spun out of North Carolina University’s Lineberger Comprehensive Cancer Center in 2012.

The offering will follow $92.5m in venture funding, with MedImmune’s corporate venturing unit MedImmune Ventures investing $6m to lead the $12.5m series A round G1 closed in 2013 with support from Hatteras Venture Partners and Mountain Group Capital.

MedImmune Ventures, Hatteras and Mountain Group Capital returned for a $33m series B round in early 2015 that was co-led by Eshelman Ventures and RA Capital and backed by Lumira Capital and Boxer Capital, an investment vehicle for VC firm Tavistock Life Sciences.

Cormorant Asset Management led G1’s $47m series C round in May 2016, which included MedImmune Ventures, Eshelman, Hatteras, Lumira, Mountain Group, RA Capital, Tavistock, Aju IB Investment, Cowen Private Investments, Franklin Templeton Investments and Rock Springs Capital.

MedImmune Ventures has invested a total of $11.5m in G1 and owns a 16.7% share according to the filing, while Hatteras Venture Partners is the company’s largest shareholder, with a 19.8% stake.

Other notable investors include Eshelman Ventures (15.4%), RA Capital (10.7%) and Lumira Capital (7%). JP Morgan Securities, Cowen and Company, Needham & Company and Wedbush Securities have been appointed underwriters for the offering.

– A version of this article first appeared on our sister site Global Corporate Venturing.

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