Oncobiologics, a US-based biosimilar developer that counts pharmaceutical company Strides Arcolab among its investors, has filed for a $115m initial public offering on Nasdaq.
Founded in 2011, Oncobiologics is working on complex biosimilar therapeutics for immunology and oncology.
The IPO proceeds will be used to advance two product candidates through phase 3 clinical trials and two more into phase 1 trials. Additional capital will fund research and development activities, including the completion of the company’s R&D facility.
Oncobiologics secured $31m from Perceptive Advisors, Cormorant Global Healthcare Master Fund, Longwood Capital Partners, VenBio Select Fund, Proximare Lifesciences Fund, OSSB Pharma Fund and MIH Fund in July 2015.
The company has since raised $20.8m from undisclosed backers, according to securities filings, and had raised $7.2m in its earlier rounds according to the IPO filing.
India-based Strides Arcolab invested $7m in the company in March 2014 and another $2m three months later. It currently holds a 12.3% stake in the company and is its only external investor with a share sized at 5% or more.
Jefferies, Barclays Capital and Cantor Fitzgerald are acting as underwriters for the offering.