Cambridge-based TCR2 Therapeutics is poised to go public this February with an initial offering of 5,000,000 shares at $14.00 to $16.00 per share with hopes of raising $100 million. “We are an innovative immunotherapy company developing the next generation of novel T cell therapies for patients suffering from cancer,” they stated in their prospectus.
Jefferies, SVB Leerink, BMO Capital Markets and China Renaissance are underwriting the deal for the company. The drug developer has applied to list their shares on the NASDAQ Global Market under the symbol ‘TCRR’. Early investors in TCR2 Therapeutics include MPM Capital who contributed towards $125 million in Series B funding, along with 6 Dimensions Capital and Curative Ventures.
“We are delighted to have such a strong group of investors as we transition into a clinical-stage company. They have recognized our unique ability to target both solid and hematological cancers using a TCR approach that is not HLA dependent,” said Dr. Garry Menzel, Chief Executive Officer of TCR2. “The diversity of our new investor base is a reflection of the increasing globalization of cell therapy, and this financing gives us important partners who can help with our strategy in both the United States and China.”
MPM Capital is a healthcare investment firm that focuses on financing life sciences companies dedicated to developing cutting-edge therapies for major diseases. With a focus on oncology, they provide venture capital funding at all stages of development. The company makes their venture investments through MPM Bioventures and their public market investments through MPM BioEquities hedge fund.
“TCR2 has made rapid progress since it emerged from stealth mode in December 2016. The demand we received for this financing is a testament to the caliber of the differentiated approach and world-class team we have assembled,” said Dr. Ansbert Gadicke, MPM Co-Founder and Chairman of the Board TCR2. “I am also delighted to welcome both Dr. Wei Li [and] Dr. Neil Gibson as members of our board. They will add tremendous value as we set the course for clinical success.”
In 1996, Dr. Luke B. Evnin and Dr. Ansbert K Gadicke founded MPM Capital and based their operations in San Francisco, California. Evnin serves as the business’ managing director and managing partner and Gadicke as the other managing director. The firm seeks out global investments with a focus on United States, Europe and Asia and with investments ranging from $5 million to $50 million.