The underwriters have taken up the over-allotment option in BMS and Celgene-backed oncology drug developer Silverback's initial public offering.

Silverback Therapeutics, a US-based cancer immunotherapy developer that counts pharmaceutical firms Celgene and Bristol-Myers Squibb (BMS) among its investors, closed its initial public offering at nearly $278m yesterday.

The company secured about $242m when it floated on the Nasdaq Global Market last week, issuing 11.5 million shares priced at $21.00 each, and they closed trading at $31.33 last night.

Joint book-running managers Goldman Sachs, SVB Leerink and Stifel and lead manager HC Wainwright have now taken up the…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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