Canada-based precision oncology drug developer Repare Therapeutics has filed for an initial public offering days after securing $15m from pharmaceutical firm Bristol Myers Squibb (BMS) through a research collaboration agreement.
Repare has filed to raise up to $100m in the offering, which is slated to take place on the Nasdaq Global Market. Its investors also include Celgene Switzerland, an affiliate of pharmaceutical company Celgene.
Founded in 2016, Repare is working on therapeutics targeted at cancer patients in genetically defined patient populations. The BMS deal was sealed last week and consists of $15m in equity funding and a $50m upfront payment.
The company emerged from stealth in 2017 with $68m in a series A round co-led by Versant Ventures and MPM Capital and backed by Celgene Switzerland, BDC Capital’s Healthcare Venture Fund and Fonds de solidarité FTQ.
Repare added $82.5m in a September 2019 series B round led by Cowen Healthcare Investments that included Versant Ventures, MPM Capital, Fonds de solidarité FTQ, BDC Capital, OrbiMed, Redmile Group, BVF Partners and Logos Capital.
Versant Ventures was Repare’s founding investor and it remains its largest shareholder, with a 30.1% stake, followed by MPM (11.8%), OrbiMed (11.2%), the MPM-managed UBS Oncology Fund (9.2%), Cowen (8.2%), Fonds de solidarité FTQ (7.5%) and Redmile (6.8%).
Morgan Stanley, Goldman Sachs, Cowen and Company and Piper Sandler have been appointed underwriters for the offering.
