OncoMed Pharmaceuticals, a spin-out of the University of Michigan which has partnerships with pharmaceutical companies GlaxoSmithKiline and Bayer Healthcare, has raised nearly $82m in an initial public offering (IPO).

Founded in 2004, the firm is commercialising cancer-fighting drugs that target stem cells responsible for the growth and metastasis of tumours.

The company offered 4.8 million in shares at $17 each, above the expected range. It will be traded on NASDAW under the name OMED.

Including the IPO financing, the firm has raised $407.5m to date. Of this, $187.1m comes from a consortium of venture backers, $1.2m in grants, and $137.5m from its partnerships with GlaxoSmithKiline and Bayer Healthcare. The agreements in place with the firms could lead to over $1bn in milestone payments.

Ken Nisbet, director of the University of Michigan tech transfer office, said: “We’re pleased that OncoMed continues to move products resulting from U-M research forward in the clinical process. Their IPO is a tremendous accomplishment, and we’re looking forward to seeing the drugs reach the market for the benefit of cancer patients worldwide.”

This article was originally published in University Global Venturing.

OncoMed Pharmaceuticals, a spin-out of the University of Michigan, has raised nearly $82m in an initial public offering (IPO).

Founded in 2004, the firm is commercialising cancer-fighting drugs that target stem cells responsible for the growth and metastasis of tumours.

The company offered 4.8 million in shares at $17 each, above the expected range. It will be traded on NASDAW under the name OMED.

Including the IPO financing, the firm has raised $407.5m to date. Of this, $187.1m comes from a consortium of venture backers, $1.2m in grants, and $137.5m from partnerships with pharmaceutical giants GlaxoSmithKiline and Bayer Healthcare. The agreements in place with the firms could lead to over $1bn in milestone payments.

Ken Nisbet, director of the University of Michigan tech transfer office, said: “We’re pleased that OncoMed continues to move products resulting from U-M research forward in the clinical process. Their IPO is a tremendous accomplishment, and we’re looking forward to seeing the drugs reach the market for the benefit of cancer patients worldwide.”