Two Leading Gene Therapy Companies File IPOs Within Four Days, Signaling a Spring Revival?

It is reported that Metagenomi was co-founded in 2018 by Brian Thomas and Jillian Banfield, metagenomics researchers at the University of California, Berkeley. The company is committed to developing potential therapeutic treatments through next-generation gene editing systems. Its basic strategy is to start with a large amount of metagenomic data, use AI-based cloud computing technology to discover natural nucleases, and modify them to generate gene editing therapies.

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According to founder Brian Thomas, the nuclease developed by the company surpasses the existing CRISPR-Cas9 system in gene editing efficiency, with an editing efficiency of over 90%, and some even exceeding 95%.

▲ Metagenomi's Technology

At the 2023 ASGCT conference, Metagenomi presented data on several nucleases it has developed. Among them, the novel Type V nuclease MG29-1 demonstrated high efficiency in editing primary human cells in the lab, reaching up to 75% in hepatocytes and approximately 70% across the entire liver. It also showed high editing efficiency in mice and non-human primates.

In addition, the company has developed a rich set of gene editing tools, and based on these tools, Metagenomi has established a robust pipeline for gene editing therapies. This includes treatments for Hemophilia A (Factor VIII knock-in), PH1 (Moderna, HAO1 knock down), TTR (in collaboration with Ionis), AGT (in collaboration with Ionis), among others, primarily focusing on in vivo gene editing.

Besides, since its establishment, Metagenomi has gained favor from multiple parties. The company has received support from over 30 investment groups and pharmaceutical manufacturers, including several well-known investment institutions. Bayer and Moderna are also shareholders of the company. The company’s last financing was in January 2023, completing a $100 million Series B extension, bringing the total amount of Series B financing to $275 million. The proceeds will be used to advance the clinical pipeline, expand the gene-editing product portfolio, and initiate the first non-human primate study.

Over the past two years, the pharmaceutical investment and financing market has experienced a severe winter period. Due to the influence of various factors, market conditions have gradually deteriorated, and many companies are facing capital shortages and operational difficulties. Changes in the policy environment and increased regulatory pressures have also brought significant challenges to the industry.

However, despite the harsh winter, we have also witnessed numerous positive signs. Some strong companies have gradually emerged in the market and achieved product licensing for overseas markets by strengthening R&D and innovation to continuously enhance their competitiveness. Meanwhile, after enduring a prolonged downturn, the market is expected to see a turning point with certain signs of recovery. This is reflected not only in the significant increase of Chinese enterprises going global but also in the IPOs of pharmaceutical companies.

According to reports, Nasdaq had a backlog of about 50 biopharmaceutical companies' IPO applications by mid-2023, with only a few able to go public. However, after entering 2024, the number of companies applying for IPOs immediately began to increase, with quite a few strong enterprises attempting to enter Nasdaq in just a few days. It should be noted that despite the market recovery, the threshold for going public has not been lowered, and regulators and investors will prioritize focusing on high-quality companies.

Taking Metagenomi as an example, although Metagenomi has not yet had any products enter clinical trials, it has already developed multiple highly efficient nucleases and several pipelines, covering various therapeutic fields. Moreover, the company’s pioneering technology and preclinical research provide a better outlook, allowing it to stand out among many biopharmaceutical enterprises. Backed by the founding father of metagenomics, its metagenomics technology aims to offer the largest and most diverse toolbox for gene editing. Even if product development fails, the company can still profit by licensing or selling its highly efficient gene-editing nucleases.

Moreover, the company's technology has been favored by several well-known enterprises in the industry. In November 2021,Moderna Announces Collaboration with MetagenomiThis collaboration aims to combine Metagenomi's novel CRISPR gene editing tools with Moderna's mRNA platform and LNP delivery technology to develop curative therapies for patients with genetic diseases.

In addition, in November 2022,Well-known small nucleic acid drug company Ionis Pharmaceuticals has reached a cooperation agreement with Metagenomi, with a total amount of nearly 3 billion US dollars.This collaboration is divided into two parts. The first part includes four gene targets, for which Ionis will pay an upfront fee of $80 million. Two of the targets will be co-developed with Metagenomi. When the first of these four targets is submitted for clinical trials, Ionis will sign a collaboration with Metagenomi for the second set of four targets, increasing the upfront payment to $120 million. The potential total transaction amount for all eight targets is close to $3 billion.

Overall, the market has shown signs of recovery. Spring may not come soon, but major companies have already set their sights on China. Some highly innovative and differentiated products are expected to achieve overseas licensing, and an increasing number of companies will also welcome their spring through this wave of globalization.

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