US-based dermatology product developer Dermira went public on Friday, floating at the top of its range and raising $125m.
Dermira issued 7.8 million shares prices at $16 each, a sizeable increase from the 5.35 million it had planned to issue when it set the range for the offering in late September.
Pharmaceutical firm UCB, which took part in a $51m series C round for Dermira less than two months ago, invested $7.5m in the offering, though its stake was nevertheless diluted from 8.4% to 7.5%.
New Enterprise Associates and Bay City Capital remain Dermira’s largest shareholders post-IPO, each owning a 14.2% share, while dermatological product maker Maruho’s stake was diluted from 7.3% to 4.8%.
Dermira’s other notable shareholders are Canaan Partners (10.2%), Apple Tree Partners (4.2%) and Fidelity Investments (4.2%). It had raised $128m in equity funding before the offering.
The company will sink $50m of the proceeds into development of Cimzia, its psoriasis product candidate, while another two candidates will be advanced using an additional $45m.
Citigroup and Leerink Partners are the joint book-running managers for the offering, while Guggenheim Securities and Needham & Company are serving as co-managers. They have a 30-day option to acquire almost 1.2 million additional shares, which would add another $18.7m to the proceeds.