MyoKardia, a US-based biopharmaceutical company backed by pharmaceutical firm Sanofi, filed for an initial public offering on Nasdaq on Monday that could raise up to $86.3m.
Founded in 2012, MyoKardia is developing treatments for rare cardiovascular diseases by targeting heritable cardiomyopathies, in which heart failure results from from biomechanical defects in the contraction of the cardiac muscles.
The IPO proceeds will fund the advancement of MyoKardia’s lead product candidate, MYK-461, through Phase 2 clinical trials. Additional capital will support its preclinical, discovery and research programmes and the growth of its medicine platform.
Venture capital firm Third Rock Ventures launched MyoKardia with an initial $38m investment before Sanofi provided $10m in equity in September 2014 as part of a $200m collaboration deal.
Sanofi returned to take part in a $46m series B round in May this year alongside Casdin Capital, Cormorant Asset Management, Perceptive Life Sciences, BridgeBio, an undisclosed Cowen Group affiliate and an unnamed public investment fund.
Aventis, a subsidiary of Sanofi, holds 11.2% of Sanofi’s stock. Third Rock is MyoKardia’s largest shareholder, with a 52.7% stake, while Fidelity owns 13.2%.
Credit Suisse, Cowen & Company, BMO Capital Markets and Wedbush Securities are the underwriters for the offering.