$200m Series B ADC Biotech in search of CMO pre IPO

Pyxis Oncology are an exciting Boston based biotech working on antibody drug conjugates and monoclonal antibodies to treat a range of cancer indications. They had raised around $200m from top tier investors including RA Capital, Pfizer Ventures, Longwood Fund, Ipsen Ventures, Perceptive Advisors, BVF Partners and more.

Approaching their IPO date with no CMO on board, Pyxis had retained a big 5 search firm to handle the search previously. The prior firm had not identified any credible candidates in the 6 months they had been working on search.

Pyxis’ new CFO had worked with LifeSci Search previously and reached out to see if LifeSci Search could step in and assist. The goal was to find a top tier CMO who could join prior to the IPO in roughly two months’ time. Ideally, they were seeking someone experienced with drug approvals, ADC experience, and preferably who had worked for a well-regarded biotech company.

The Strategy 

During the initial call with the Pyxis CFO, LifeSci Search discussed a handful of credible candidates well known to our team who we knew were open to exploring exciting opportunities. Given the short time frame, the interview team wanted to focus on candidates who were viable and able to start quickly. LifeSci Search was able to utilize their strong network to connect Pyxis with several strong options and they were able to begin interviews right away.

The Outcome

The first candidate we approached was Dr. Jay Feingold, CMO of ADC Therapeutics, who had a market cap of around $2bn at the time. LifeSci Search had worked with Jay in the past and knew he would be receptive to such an opportunity. It was a great fit and he was onboarded within 6 weeks, just in time for the IPO.  Read more about Dr. Feingold’s appointment here.