Ambrx Biopharma, a Phase 2/3 oncology biotech developing engineered antibody-drug conjugates, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Ambrx Biopharma is developing a novel class of engineered precision biologics using a proprietary genetic code technology platform that allows it to incorporate, in a site-specific manner, synthetic amino acids into proteins within living cells, which the company believes could offer safety and efficacy benefits over conventional conjugation approaches which use natural amino acids. The company's lead candidate, ARX788, is an antibody-drug conjugate currently being studied in breast, gastric and other solid tumors. The most advanced trial of ARX788 is being conducted by Ambrx Biopharma's partner, NovoCodex Biopharmaceuticals, in China in patients with HER2-positive metastatic breast cancer. The ongoing Phase 2/3 trial is expected to report topline data by the end of 2022.
Ambrx originally set terms to price an IPO in mid-2014, before withdrawing the deal. In 2015, it was acquired by a consortium of Asian pharmaceutical and private equity investors. In late 2020, Ambrx raised $200 million from US crossover investors.
The La Jolla, CA-based company was founded in 2003 and booked $14 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol AMAM. Ambrx Biopharma filed confidentially on February 3, 2021. Goldman Sachs, BofA Securities, and Cowen are the joint bookrunners on the deal. No pricing terms were disclosed.
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