Virobay, a US-based biopharmaceutical company backed by investors including pharmaceutical company AbbVie, filed for a $50m initial public offering yesterday,
The company will use the proceeds from the IPO to fund Phase 2 clinical development of its lead product candidate, VBY-036, for neuropathic pain and Crohn’s disease, and clinical development for some of its additional candidates. Its candidates are all based around enyme inhibitors.
AbbVie is the fourth largest shareholder in Virobay, holding a 16.4% stake. TPG Biotech, a subsidiary of private equity firm TPG, owns 28.6%, Sutter Hill Ventures 27.4% and Alta Partners 26.3%.
Virobay has raised approximately $49.5m in equity funding across two rounds, including an $18m series B round that closed in July this year.
Piper Jaffray, JMP Securities, Cantor Fitzgerald and Summer Street Research Partners are acting as underwriters of the offering.