Convergence Pharmaceuticals, a UK-based biotechnology company spun off from pharmaceutical company GlaxoSmithKline in 2010, may be preparing for an initial public offering according to UK daily Reuters reported yesterday.
Convergence gained $35.3m in series A funding from venture capital firms SV Life Sciences and New Lead Venture Partners in 2010, along with independent investment firm Apposite Capital. GlaxoSmithKline currently owns an 18% stake in the company., which is developing analgesics to treat chronic pain.
Convergence is reportedly looking into the possibility of launching the IPO in either London or, following the example set by UK-based companies such as GW Pharmaceuticals and Oxford Immunotec, in New York.
“We are now starting to talk to advisers about the state of the FTSE and Nasdaq markets for biotech and are considering seriously floating the company,” CEO Clive Dix told Reuters. “We’d probably be looking to go out early next year.”
– Photo courtesy of Convergence Pharmaceuticals