Michigan cancer-fighting biotech spin-out lands $82m in IPO.
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…
