Novo-backed biopharmaceutical company Otonomy filed for an $86.3m initial public offering yesterday.
US-based Otonomy develops treatments for ear diseases and disorders. It intends to use the proceeds from the offering to support the commercialisation of its AuriPro drug, and to fund clinical trials for two other candidates.
The company has raised $143m from Novo Ventures, the corporate venturing unit for healthcare company Novo, OrbiMed Advisors, TPG Biotech, Avalon Ventures, Domain Associates, RiverVest Venture Partners, Aperture Venture Partners and Osage University Partners. It closed a $49m series D round in May.
Novo is Otonomy’s third largest shareholder, owning a 14.4% stake. Otonomy’s other main shareholders are Avalon (16.8%), OrbiMed (15.2%), TPG (14.4%), Domain (11.8%) and Rivervest (7.5%).
J.P. Morgan Securities and BofA Merrill Lynch are joint book-running managers for the IPO, while and Piper Jaffray and Sanford C. Bernstein are the co-managers.