Urovant seeks $150M IPO just a year after launch

Money roll
The company will use its IPO proceeds to fund an international phase 3 trial in overactive bladder, as well as a second phase 3 trial in men with OAB and benign prostatic hyperplasia. (Pictures of Money/CC BY 2.0)

Urovant Sciences came to life in June last year with a focus on urologic disorders and a phase 3 overactive bladder med licensed from Merck. Now, the Roivant subsidiary is eyeing a $150 million IPO, which will push the asset through the clinic in a pair of indications.

At launch, Urovant had licensed the global rights—excluding those in Japan and certain Asian countries—to vibegron, a selective beta3-adrenergic agonist that became its lead asset.

According to its S-1, the company will use its IPO proceeds to fund an international phase 3 trial in overactive bladder (OAB), as well as a second phase 3 trial in men with OAB and benign prostatic hyperplasia, or an enlarged prostate gland. Urovant will also test vibegron in a phase 2 trial involving patients with IBS-associated pain. Merck licensed the Japanese rights to vibegron to Kyorin.

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The drug has already chalked up some positive phase 2b and phase 3 data, so if the latest trial is positive, Urovant should be able to move ahead with regulatory filings. If all goes well, it could compete with Astellas’ Myrbetriq (mirabegron), the first beta-3 adrenergic agonist to reach the market for OAB.

RELATED: Urovant starts pursuit of Astellas’ overactive bladder drug Myrbetriq with new phase 3 trial 

The IPO comes several months after Urovant poached its chief medical officer, Cornelia Haag-Molkenteller, from Allergan. There, she served as VP and head of global clinical development for women’s health, internal medicine, anti-infectives and urology, leading clinical development of onabotulinumtoxinA for overactive bladder.