Company: ARMO BioSciences, Inc.
Symbol: ARMO
Description: They are a late-stage immuno-oncology company that is developing a pipeline of novel, proprietary product candidates that activate the immune system of cancer patients to recognize and eradicate tumors.
Shares: 6.67 million
Price Range: $14.00-$16.00
Trade Date: 1/26
Underwriter(s): Jefferies, Leerink, BMO
Co-Manager(s): Baird
Terms Added: 1-16-18
Business: Their lead product candidate, AM0010 (pegilodecakin), stimulates the survival, expansion and tumor killing (cytotoxic) capacity of a particular white blood cell of the immune system, called the CD8+ T cell. They have focused on CD8+ T cells because these cells have been shown to recognize and kill cancer cells. An abundance of tumor-infiltrating CD8+ T cells improves the prognosis and lengthens the survival of cancer patients.
Insider Buying: Certain of their existing stockholders have indicated an interest in purchasing an aggregate of approximately $40.0 million of shares of our common stock in this offering at the initial public offering price.
Collaboration & License Agreement:
Merck Agreement: Pursuant to the Merck Agreement, they obtained a worldwide exclusive royalty bearing license under specified patents and know-how to develop, manufacture and commercialize products containing PEGylated human IL-10 polypeptide for all therapeutic purposes in humans. Under the Merck Agreement, they are obligated to use diligent efforts to develop and commercialize the licensed product.
In consideration for the license agreement, they paid Merck an initial license fee and they will be required to pay milestone payments up to $11.3 million upon the occurrence of certain events. Amounts paid to Merck under this agreement through October 31, 2017 have been insignificant.
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