Aduro launching IPO
This article was originally published in Scrip
Executive Summary
Berkeley, California-based Aduro Biotech is planning to raise $86m through an initial public offering. The biotech, which is developing an immunotherapy for pancreatic cancer, will debut on Nasdaq under the symbol ADRO. Founded in 2000, Aduro initially filed its plans confidentially with the Securities and Exchange Commission (SEC) back in December 2014. No pricing terms were disclosed. Bank of America Merrill Lynch and Leerink Partners are the joint bookrunners on the deal. Aduro is developing CRS-207, a live attenuated strain of Listeria that Aduro has engineered to express human mesothelin, in combination with its GVAX Pancreas vaccine as a treatment for pancreatic cancer. It is currently in Phase IIb trials. A Phase II trial of the combination was stopped early in January 2014 on the strength of the data after a pre-planned interim analysis. Aduro has an ongoing partnership with Johnson & Johnson company Janssen Biotech for a number of products leveraging Aduro's technology.
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