Healthcare-focused investment bank Leerink Swann has co-led the $81m Nasdaq stock exchange flotation of cancer treatment company Tesaro, after the bank backed the company last year.
The company priced six million common shares at $13.50 each, which was the middle of its $12 to $15 per share range and for an initial market capitalisation of $360m.
Other advisers on the initial public offering are banks Citigroup, Morgan Stanley, the two of which are also co-leads, as well as BMO Capital Markets and Baird, according to Tesaro’s filing with the Securities and Exchange Commission on Friday.
Tesaro is pre-revenue and made a loss of $16.4m last year.
US-based Leerink Swann joined the consortium investing $101m in the series B round of Tesaro last year. Venture capital firm Kleiner Perkins Caufield & Byers (9.5% stake held at present) led that B round, and was joined by US-based fund manager T Rowe Price and venture firms New Enterprise Associates (50.3%), InterWest Partners (12.7%), Pappas Ventures, Oracle Partners and Deerfield Management. Other shareholders include Frost Gamma Investments, an investment manager.
The company had raised $62.1m in private fundraisings, according to its initial public offering filing.