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Degenerative disease biotech Annexon sets terms for $150 million IPO

July 20, 2020

Annexon, a Phase 1 biotech developing therapies for complement-mediated disorders, announced terms for its IPO on Monday.

The South San Francisco, CA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Annexon would command a fully diluted market value of $491 million.

The company's first candidate, ANX005, is a full-length monoclonal antibody formulated for intravenous administration in autoimmune and neurodegenerative disorders. Its second candidate, ANX007, is an antigen-binding fragment formulated for intravitreal administration for the treatment of neurodegenerative ophthalmic disorders. The company has completed Phase 1b trials for ANX005 and ANX007 in patients with Guillain-Barré Syndrome (GBS) and glaucoma, respectively. It intends to advance ANX005 into a Phase 2/3 trial in GBS patients in developing countries in early 2021, and ANX007 into a Phase 2 trial in patients with geographic atrophy in 2021.

Annexon was founded in 2011 and plans to list on the Nasdaq under the symbol ANNX. J.P. Morgan, BofA Securities and Cowen are the joint bookrunners on the deal. It is expected to price during the week of July 20, 2020.