Novo, Bristol Myers-Squibb and Merck Group scored exits as the fibrosis and cancer drug developer priced its shares in the middle of the IPO's range.

Galecto, the US-based cancer and fibrosis drug developer backed by pharmaceutical firms Novo, Bristol Myers-Squibb (BMS) and Merck Group, raised $85m when it floated on the Nasdaq Global Market yesterday.

The company priced almost 5.67 million shares at $15 each, in the middle of the $14 to $16 range it had set for the initial public offering. The share price values it at approximately $368m.

Founded in 2011, Galecto is developing treatments for fibrosis, a condition that causes scarring on…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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