Novartis invested another $11.5m in the immuno-oncology drug developer, which is also backed by Eli Lilly and Amgen, alongside the offering.
Surface Oncology, a cancer drug developer that counts pharmaceutical companies Eli Lilly, Amgen and Novartis as investors, raised $108m in its initial public offering on Friday.
The offering consisted of 7.2 million shares priced at the top of its $13 to $15 range. Novartis Institutes for Biomedical Research, a subsidiary of Novartis, invested another $11.5m in the company through a concurrent private placement.
Surface Oncology is developing immuno-oncology therapies that will focus on the biological pathways that are important…
