The Novartis-backed pharmaceutical company will use the proceeds to fund pivotal tests for its prostate cancer drug.
Tokai Pharmaceuticals, a US-based developer of treatments for prostate cancer and other hormonally-driven diseases, raised $97.2m in an initial public offering on Wednesday.
Tokai issued 6.48 million shares priced at $15.00 each. Novartis BioVentures, a corporate venturing subsidiary of pharmaceutical company Novartis, is Tokai’s second largest shareholder, having held a 28.1% stake that was diluted to 34.6% in the offering.
Apple Tree Partners is the company’s largest shareholder, retaining a 34.6% share, while Satter Investment Management holds a 7.4% stake.…
