US-based cancer treatment developer Aduro Biotech closed its initial public offering at $136.9m on Monday after the underwriters took up the option to buy an additional 1.05 million shares.
Aduro, which counts pharmaceutical company Johnson & Johnson among its backers, raised $119m last week when it issued 7 million shares priced at $17 each. Another pharmaceutical firm, Novartis, invested $25m in Aduro through a private placement concurrent to the IPO.
The company’s stock opened at $32.00 when it floated on Nasdaq on April 15th. It currently stands at $38.67 at the time of publication.
Aduro is developing immuno-oncology products and will use the proceeds to complete a Phase 2b clinical study of its lead pancreatic cancer treatment, and to develop it for the treatment of other cancers while also upgrading its commercial production capabilities.
The company had raised $160m in venture funding from investors including Johnson & Johnson, which purchased $30m of extra stock in the offering, Morningside Ventures, John E. and Lois A. Rogers, and Fidelity Investments.
BofA Merrill Lynch and Leerink Partners were the joint book-running managers for the offering, while William Blair and Canaccord Genuity served as co-managers.