Convergence Pharmaceuticals, spun out of GlaxoSmithKline, which still holds an 18% stake, is considering both London and New York for its initial public offering.
Convergence Pharmaceuticals, a UK-based biotechnology company spun off from pharmaceutical company GlaxoSmithKline in 2010, may be preparing for an initial public offering according to UK daily Reuters reported yesterday.
Convergence gained $35.3m in series A funding from venture capital firms SV Life Sciences and New Lead Venture Partners in 2010, along with independent investment firm Apposite Capital. GlaxoSmithKline currently owns an 18% stake in the company., which is developing analgesics to treat chronic pain.
Convergence is reportedly looking into the…
