Portola Pharmaceuticals, a US-based biopharmaceutical company backed by biotech Biogen Idec, has raised $122m in its IPO, ahead of earlier estimates of $103.2m.
The San Francisco-based drug company priced 8.4 million shares at $14.50 per share, compared to plans to offer 6.9 million shares at between $13 and $16 each.
It will trade on the Nasdaq under ticker symbol PTLA, with investment banks Morgan Stanley and Credit Suisse served as co-lead underwriters.
Portola recently raised $317.3m in convertible preferred stock from its investors and $167m in license fees from Biogen, Merck, Novartis, BMS and Pfizer.
In November 2011, Portola raised $89m, weeks after closing corporate venture backing from trade peer Biogen Idec. Temasek, the Singapore state-backed investment company and Eastern Capital Limited, the family office of Kenneth Dart, chief executive of Styrofoam cup maker Dart Container, joined Portola’s $89m series D round as new investors, alongside previous backers.
In July 2008, Portola raised $60m in its series C extension round from existing and new investors, the latter including hedge fund DE Shaw and asset managers Adage Capital Management, BBT Capital Management/Apothecary Capital, Janus Capital Group and Pac-Link BioVentures.
This followed $70m in May 2007’s C round from mutual fund managers Brookside Capital, AllianceBernstein, Teachers’ Private Capital (the private investment arm of Ontario Teachers’ Pension Plan) and T Rowe Price, investment bank Goldman Sachs, the Industrial Bank of Taiwan’s IBTM venture capital subsidiary and venture capital firms CIDC, Abingworth, Alta Partners, Advanced Technology Ventures, Frazier Healthcare, MPM Capital, Prospect Ventures and Sutter Hill Ventures.
Following the C round, Portola had received $50m in payments from US-based drugs peer Merck & Co and Biogen Idec agreed to provide an upfront payment of $45m, which includes $36m in cash and $9m in Portola equity.