Swiss-listed HBM Healthcare (HBMN) may see a gain from its investment in the private Danish company Y-mAbs Therapeutics, which has filed an S1 registration to raise up to $92m in a Nasdaq IPO. HBM has an 8.2% shareholding in Y-mAbs, which it valued at CHF23m (1.9% of NAV) in its accounts – suggesting the company currently has a CHF280m valuation – having led a $50m private round in 2017.
Y-mAbs has two products in pivotal Phase II studies, naxitamab in relapsed/refractory high-risk neuroblastoma and radiolabeled omburtamab for central nervous system/leptomeningeal metastases from neuroblastoma. Both are rare pediatric indications. The company aims to submit registrations for its two lead product candidates in 2019, with a goal of receiving approval in the US in 2020.
Naxitamab is also being tested for pediatric neuroblastoma and for relapsed bone cancer, while omburtamab is in Phase I studies of diffuse intrinsic pontine glioma and desmoplastic small round cell tumour.