The corporate venturing unit of life sciences company Eli Lilly and chemicals group BASF could realise their investments in Receptos, a US-based therapeutics company, after its flotation of 5.2 million shares at $14 each.
Receptos raised $73m in its initial public offering (IPO) on the Nasdaq stock exchange. Investment banks Credit Suisse, Leerink Swann and BMO Capital Markets were lead underwriters with legal counsel from Pillsbury Winthrop Shaw Pittman, and Cooley.
Receptod has raised close to $75m in private funding from investors ahead of its IPO, including BASF’s corporate venturing unit (15.7% pre-IPO stake) and Lilly Ventures (15.6%) and venture capital firms Arch Venture Partners, Venrock Associates (14.6%), Flagship Ventures (14.6%) and Polaris Venture Partners (8.3%).
Receptos’ latest financial reports state a $17.6m net loss on about $8.6m in revenues for 2012.