Seattle biotech firm Silverback Therapeutics sets terms for IPO, looks to raise up to $151M

Laura Shawver, CEO of Silverback Therapeutics. (Silverback Photo)

Silverback Therapeutics plans to raise up to $151.8 million in its initial public offering, the Seattle-based company said Monday in an updated IPO filing.

The biotech firm will aim to sell 6.95 million shares at $17 to $19 per share. It would be valued at $566 million at the midpoint of the proposed stock price range.

Founded in 2016, Silverback uses a proprietary technology platform called ImmunoTAC to develop therapies that target specific areas of disease in a way designed to avoid damaging healthy tissue. Its lead product candidate, designated SBT6050, uses monoclonal antibodies to target breast, gastric and lung cancers. It’s currently in Phase 1/1b clinical trials, according to its IPO filing.

Silverback raised $210 million in venture capital over its lifetime as a private company, including an $85 million round in September, led by EcoR1 Capital; and a $78.5 million round in March, led by U.S. Venture Partners.

The company is led by CEO Laura Shawver, a veteran biotech executive and entrepreneur who joined the company as CEO in April. It plans to trade on the Nasdaq under the symbol SBTX.

Silverback will be the fourth Washington state company to go public this year, following health tech startup Accolade, marketing startup ZoomInfo, and Athira Pharma, another Seattle-based biotech company that went public in September.`

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