OncoMed Pharmaceuticals, a spin-out of the University of Michigan which has partnerships with pharmaceutical companies GlaxoSmithKiline and Bayer Healthcare, has raised nearly $82m in an initial public offering (IPO).
Founded in 2004, the firm is commercialising cancer-fighting drugs that target stem cells responsible for the growth and metastasis of tumours.
The company offered 4.8 million in shares at $17 each, above the expected range. It will be traded on NASDAW under the name OMED.
Including the IPO financing, the firm has raised $407.5m to date. Of this, $187.1m comes from a consortium of venture backers, $1.2m in grants, and $137.5m from its partnerships with GlaxoSmithKiline and Bayer Healthcare. The agreements in place with the firms could lead to over $1bn in milestone payments.
Ken Nisbet, director of the University of Michigan tech transfer office, said: “We’re pleased that OncoMed continues to move products resulting from U-M research forward in the clinical process. Their IPO is a tremendous accomplishment, and we’re looking forward to seeing the drugs reach the market for the benefit of cancer patients worldwide.”
This article was originally published in University Global Venturing.