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VC-backed Acacia to list in October

José Rojo
14 September 2015

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Acacia Pharma, a British cancer-related drug developer backed by VCs Gilde Healthcare, Lundbeckfond Invest, Novo and Fidelity BioSciences, will list in October by floating exclusively new shares.

The offering size targeted by Acacia remains confidential, yet press reports place it around the £150m mark.

The flotation, expected to go forward in October, will see only newly emitted shares offered. Acacia's institutional shareholders, including Gilde, Lundbeckfond, Novo and Fidelity, are subjected to a 180-day lock-up period for the sale of existing shares – the company's management team will need to wait 365 days after the listing takes place.

JP Morgan Cazenove will act as global coordinator, sponsor and bookrunner in the IPO, while Cannacord Genuity has been appointed as co-lead manager for the deal.

The flotation features an overallotment option equal to 15% of the offer size and will comprise a minimum of 25% free-floating shares earmarked for public investors.

Founded in 2007, Cambridge-headquartered Acacia Pharma develops drugs targeting post-surgery and cancer patients requiring supportive care. The biotech will dedicate the proceeds from the IPO to the development of its lead APD421 therapy, a post-operative nausea treatment currently under clinical study.

There are also plans to enter the US market via a 150-strong sales and marketing team soon to be set in the country by Acacia. The business is considering additional partnerships outside the US for both the APD421 and APD403 lead products.

Should it be confirmed, the flotation would come more than seven years after Acacia was first backed by VC investors, according to unquote" data. In March 2008, Gilde became a shareholder as it deployed equity via its €150m second healthcare-focused fund. This was followed by a $10m series-A in March 2011, with capital from both Gilde and new investor Lundbeckfond.

A third round for Acacia took place in September 2013, when Fidelity and Novo came on board and co-led a £15m series-B for the biotech alongside Gilde and Lundbeckfond.