Inhibrx, Fresh Off $40M Funding to Advance Cancer Drugs, Eyes IPO
Summary
Viking’s investment was a note that will convert into the company’s common stock after the initial public offering at a discount—equal to 90 percent of the price per share of the IPO, according to a regulatory filing. Last month Inhibrx signed a deal with Chiesi Farmaceutici, an Italian pharmaceutical firm, that will give the company the option to license its AATD drug once it has completed a Phase 1 trial. To exercise the option, which would give it the right to develop and commercialize the drug outside of the US and Canada, Chiesi would have to eventually put up $12.5 million more, according to the securities filing. It booked that much in just the first three months of this year, about $8.5 million, mostly from a collaboration it signed in January with Bluebird Bio to develop cell therapy products. Separately, Bluebird announced today it won regulatory approval for its first gene therapy, a treatment for the rare blood disease beta thalassemia.
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