US-based biopharmaceutical company Kolltan Pharmaceuticals filed for an initial public offering on Friday that could raise up to $86.25m.
Founded in 2007, Kolltan is developing antibody-based treatments for cancer and other diseases, and will use the proceeds from the IPO to advance its product candidates through early clinical trials.
The company has raised $125m in equity funding from pharmaceutical company Purdue Pharma, as well as KlP Enterprises, Deerfield Capital Management, HBM Healthcare Investments, Osage University Partners, Celtic Therapeutics Holdings and Tichenor Ventures, most recently securing $60m from a series D round in March.
Kolltan’s largest shareholder however is financial services firm Fidelity Investment, which owns a 14.8% stake, while other significant shareholders include KLP (14.2%), biotech company Gilead Sciences (10.2%) and private equity firm Auven Therapeutics (10.1%).
Leerink Partners, Stifel, Nicolaus & Company, Guggenheim Securities and Janney Montgomery Scott are acting as underwriters for the offering.