NGM Biopharmaceuticals, a US-based biotechnology company backed by pharmaceutical firms Merck & Co and Takeda, has filed for a $75m initial public offering on the Nasdaq Global Select Market.
Founded in 2007, NGM Biopharmaceuticals is working on treatments for cardio-metabolic, liver, oncologic and ophthalmic diseases.
The company has seven drug candidates in its pipeline, five of which have entered clinical trials. Its lead asset, NGM282, is aimed at non-alcoholic steatohepatitis, the most extreme form of non-alcoholic fatty liver disease.
The IPO proceeds will go towards the further development of NGM’s drug candidates, including NGM282, which is due to enter a phase 2b trial in the first quarter of 2019.
NGM has raised almost $295m in funding to date. Merck provided $106m in series E capital in June 2015, also making a $94m upfront cash payment and committing an additional $450m over five years as part of a strategic collaboration agreement.
Column Group, Prospect Ventures, Tichenor Ventures and Topspin Fund had provided $57.5m in series D funding for NGM three months before. The same investors had previously backed a $50m series C round in 2013 that also included Rho Ventures.
Column, Tichenor, Prospect and Rho also invested in a $55m series B round for NGM in 2010 alongside undisclosed investors, and a $26.5m series A in 2008. Takeda Ventures has not disclosed the details of its investment.
Merck holds a 16.3% stake in NGM, while Column Group is the largest outside investor with 25.1%. The company’s other notable shareholders include Prospect (9.1%), Topspin (8.9%) and Rho Ventures (7%).
Goldman Sachs, Citigroup and Cowen and Company have been appointed underwriters for the proposed offering.
