Deal size: $276 million
Valuation: $1.1 billion
Share price: $17.00
Shares sold: 16,250,000
AlloVir nabbed an upsized IPO worth $276 million in the summer to fund development of allogeneic T-cell treatments for viral diseases. The money will equip AlloVir to embark on a broad clinical development program for a phase 3-ready cell therapy that targets five viruses.
Massachusetts-based AlloVir generates off-the-shelf virus-specific T cells in donors before stimulating their peripheral blood mononuclear cells to selectively activate and expand the therapeutic cells.
AlloVir plans to spend $98 million to take Viralym-M through phase 3 trials in immunocompromised patients post-allogeneic hematopoietic stem cell transplant (HSCT) who have complications linked to hemorrhagic cystitis, cytomegalovirus or adenovirus.
The bigger size of the IPO means AlloVir also has enough money to pursue other opportunities. In addition to the three phase 3 trials, AlloVir plans to start three phase 2 trials to test Viralym-M in the prevention of multi-virus infections in HSCT patients, and the treatment of BK and cytomegalovirus in kidney and solid organ transplant recipients, respectively.
It's also working on a COVID drug, ALVR109, which is made of CD4+ and CD8+ virus-specific T cells generated from healthy donors. The therapy was hit with a hold last year, but the FDA cleared an IND for it in September.