From mega-round to $172M IPO in weeks, Orchard is bundling cash to back its play on GSK's gene therapy cast-offs
A few weeks ago, when Orchard Therapeutics followed its much buzzed about negotiations to carve out GlaxoSmithKline’s gene therapy operations with a $150 million mega-round, I asked if an IPO would be next.
It turns out, the F-1 must have been in the final editing process.
The London-based group has delivered their IPO package now, penciling in $172.5 million for the raise and making the case that there’s a viable business to be had in a field that a struggling GSK simply wanted out of. The F-1 reveals that Orchard’s team handed over a £10 million upfront — not much in the way of a return for GSK’s investment — along with 15 million shares and promises of royalty streams to come.
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