Cancer biotech Surface Oncology sets terms for $84 million IPO
Surface Oncology, a clinical-stage biotech developing next-generation antibody cancer therapies, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $84 million by offering 6 million shares at a price range of $13 to $15. Insiders intend to purchase $25 million (30% of deal size) worth of shares in the offering. In addition, Novartis intends to invest $11.5 million in a concurrent private placement. At the midpoint of the proposed range, Surface Oncology would command a fully diluted market value of $404 million.
Surface Oncology was founded in 2014 and booked $13 million in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol SURF. Goldman Sachs, Cowen & Company and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of April 16, 2018.
The article Cancer biotech Surface Oncology sets terms for $84 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.