Aduro Biotech Announces Pricing of IPO; Expects $107 Million
Aduro Biotech, Inc. recently announced the pricing of its initial public offering of 7,000,000 shares of common stock at a price to the public of $17.00 per share. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1,050,000 shares of common stock at the initial public offering price, less the underwriting discount. Aduro’s common stock began trading on The NASDAQ Global Select Market under the symbol ADRO on April 15, 2015. The offering closed April 20, 2015, subject to customary closing conditions. Aduro estimates net proceeds from the offering will be approximately $107.7 million (assuming no exercise of the underwriters’ option to purchase additional shares of common stock), after deducting the underwriting discount and estimated offering expenses payable by Aduro. Aduro’s net proceeds from a concurrent private placement at a price of $17.00 per share are expected to be $25 million.
BofA Merrill Lynch and Leerink Partners LLC are acting as joint book-running managers for the proposed offering. William Blair and Canaccord Genuity are acting as co-managers. A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (SEC) on April 14, 2015. This offering is made only by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus related to the offering will be filed with the SEC and may be obtained at no cost, when available, by visiting EDGAR on the SEC’s website (www.sec.gov), or from: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com; or Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37TH Floor, Boston, MA 02110, by email at syndicate@leerink.com, or by phone at (800) 808-7525 ext. 6142.
Aduro Biotech, Inc. is a clinical-stage immuno-oncology company focused on the development of technology platforms to stimulate an immune response against cancer. Aduro’s lead platform is based on proprietary strains of live-attenuated, double-deleted (LADD) Listeria monocytogenes that induce a potent innate immune response and have been engineered to express tumor-associated antigens to induce tumor-specific T cell-mediated immunity. Aduro has received Breakthrough Therapy designation from the FDA for its lead LADD regimen, CRS-207 in combination with GVAX Pancreas in pancreatic cancer. The company is evaluating the proprietary immuno-oncology combination in the ongoing Phase IIb ECLIPSE clinical trial and has additional ongoing clinical trials with its LADD platform in mesothelioma and glioblastoma. The company is also developing clinical candidates using cyclic dinucleotide (CDN) synthetic small molecule immune modulators that are designed to activate the intracellular STING receptor, a central mediator of the innate immune response. For more information, visit www.aduro.com.
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