Innate goes for IPO, says market is healthier

Initial public offering

Innate Pharma has decided the time is right to go for an initial public offering on Euronext in Paris. The company announced plans to float in June, but said it was waiting until the market picked up before going ahead.

“The equity market conditions, which were unfavourable last June, improved significantly at the end of the summer,” said Stephane Boissel, chief financial officer.

Innate, based in Marseilles, is developing drugs that target the innate immune system. The main focus is on cancer, where its lead product IPH 1101 is in Phase II trials in renal cell carcinoma, but the technology is relevant to autoimmune and infectious diseases also.

The company has collaborations with a number of Inserm (Institut National de la Santé et de Recherche Médicale) laboratories in France and with the universities of Perugia and Genoa in Italy.

In addition, Innate is partnered with Novo Nordisk in the area of natural killer cells. The Danish pharmaceutical company owns 20 per cent of Innate and has said it will take part in the IPO.