AAA ProteinSimple targets $86m from IPO

ProteinSimple targets $86m from IPO

ProteinSimple, the US-based protein researcher formerly known as Cell Biosciences, has filed for an $86m initial public offering.

ProteinSimple develops and commercialises proprietary systems for protein analysis, which can then be used to develop medications. It has not earmarked any precise uses for the proceeds from the IPO.

The largest shareholder in the company is the UK-based Wellcome Trust, which holds a 19.6% stake, and Novo Ventures, the corporate venturing arm of healthcare company Novo, owns a 12.1% share. Other notable shareholders are Essex Woodland Health Ventures (14.6%), Domain Associates (11.6%) and Latterell Venture Partners (8.1%)

Mitsui Ventures, the corporate venturing subsidiary of Japan-based conglomerate Mitsui, and Royal Bank of Canada have also invested across multiple rounds including a 2006 series B round that raised $37m and a $10m series C round in 2009, but their stakes are currently less than 5% of the company.

J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith are acting as joint book-running managers for the offering, while Cowen and Company and Leerink Partners are also serving as underwriters.

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