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VC-backed uniQure to float

Ellie Pullen
14 November 2013

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Dutch gene therapy company uniQure, backed by several venture capital firms, has filed a confidential F-1 form with the US Securities and Exchange Commission (SEC) for a potential IPO.

The share price range and quantity of shares to be offered have not yet been decided by uniQure.

The company is backed by Coller Capital, Forbion Capital Partners, Advent Venture Partners and Gilde Investment Management. Forbion and Gilde (through its Gilde Healthcare Partners division) are the firm's largest shareholders.

uniQure was formed in 2012 following the liquidation of NYSE Euronext-listed Amsterdam Molecular Therapeutics (AMT). AMT was delisted and its entire business acquired by the new private entity, which was established and owned by Forbion. Forbion provided €6m in funding to uniQure as part of the transaction.

Gilde Healthcare, Forbion and Advent were shareholders of AMT prior to its liquidation, alongside Omnes Capital. The four firms had committed €22m to AMT in its series-A funding round in October 2006.

In June 2007, AMT listed on the NYSE Euronext Amsterdam, raising a total of approximately €55.7m (including the partial exercise of the over-allotment option) and giving it a market cap of €139m. In December 2011, the company raised €2.5m in a private placement from Forbion, Gilde Healthcare and Advent. The company subsequently went into liquidation in February last year.

New investor Coller then led a €14.1m round for uniQure in May this year, with Coller, Forbion and Gilde Healthcare supplying €13.5m to the company in the form of a convertible loan. The remaining €600,000 was provided by uniQure staff. In July, uniQure converted the loan to equity alongside a €31m capital injection from Chiesi Farmaceutici.

uniQure is headquartered in Amsterdam. The company develops human gene-based therapies. Its Glybera product is designed to treat lipoprotein lipase (LPL) deficiency, a mutation in the LPL-coding gene that causes a lack of ability to produce the LPL enzymes needed to break down fatty acids.

Glybera received European Commission approval in November last year and claims to be the first gene therapy approved in the western world.

Jörn Aldag is the CEO of uniQure. The company's board of directors includes Forbion managing partner Sander Slootweg and Gilde Healthcare managing partner Edwin de Graaf.