US-based pharmaceutical company Vitae Pharmaceuticals filed for an initial public offering on Tuesday that could raise up to $55m.
Viate’s shareholders include pharmaceutical companies Boehringer Ingelheim International, which holds a 10.8% stake in the company, and Allergen, which owns 5.6%. The largest shareholders are venture capital firms Prospect Venture Partners (23.3%), New Enterprise Associates (17.8%), Venrock (15.6%) and Atlas Venture (11.2%).
Founded in 2001, Vitae is developing small molecule drugs for diseases including type diabetes and Alzheimer’s. The proceeds will go to advancing three of its drug candidates through Phase 1 clinical trials, researching new candidates and paying off debt.
Vitae has raised about $109m in funding, according to its SEC filings, as well as $13m in debt and $36m in milestone payments from Boehringer Ingelheim since the two signed a collaboration agreement in 2007.
The underwriters for the offering are Stifel, Nicolaus & Company, BMO Capital Markets, JMP Securities and Wedbush Securities.