Arcus Biosciences, a US-based cancer treatment developer that counts Stanford University among its investors, closed its initial public offering at $138m on Monday after the underwriters fully took up the over-allotment option.

The company issued 8 million shares last week priced at $15 each, at the top of the IPO’s range, to raise an initial $120m.

The stock closed at $16.73 on Monday, after joint book-running managers Citigroup, Goldman Sachs and Leerink Partners bought a further 1.2 million shares. It has continued to rise since then, achieving a $17.20 close yesterday, giving Arcus a market cap of $716.4m.

Arcus is working on immuno-oncology drugs and the proceeds from the offering will fund the advance of its two lead product candidates through the clinic. It had raised $227m in venture funding prior to the IPO and currently has a market capitalisation of approximately $712m.

Apart from Stanford, investors in Arcus also include pharmaceutical companies Celgene, Novartis and Taiho, the latter through its Taiho Ventures unit, and GV, a subsidiary of internet and technology group Alphabet, as well as Column Group, Foresite Capital, Invus Opportunities and Droia Oncology Ventures.

GV’s 14.3% stake was diluted to 11.8% in the offering, the other key investors in Arcus being Column Group, which retained an 8.2% share, and Foresite Capital, which invested approximately $9.8m in the IPO and came out with a 9.5% stake. Arcus has not revealed how the extra share sales will affect their stake sizes.

– A version of this article first appeared on our sister site, Global Corporate Venturing.

US-based cancer treatment developer Arcus Biosciences, which counts several corporates among its investors, closed its initial public offering at $138m yesterday after the underwriters fully took up the over-allotment option.

The company issued 8 million shares last week priced at $15 each, at the top of the IPO’s range, to raise an initial $120m. Its stock closed at $16.73 yesterday, after joint book-running managers Citigroup, Goldman Sachs and Leerink Partners bought a further 1.2 million shares.

Arcus is working on immuno-oncology drugs and the proceeds from the offering will fund the advance of its two lead product candidates through the clinic. It had raised $227m in venture funding prior to the IPO and currently has a market capitalisation of approximately $712m.

Investors in Arcus include pharmaceutical companies Celgene, Novartis and Taiho, the latter through its Taiho Ventures unit, and GV, a subsidiary of internet and technology group Alphabet, as well as Column Group, Foresite Capital, Invus Opportunities, Droia Oncology Ventures and Stanford University.

GV’s 14.3% stake was diluted to 11.8% in the offering, the other key investors in Arcus being Column Group, which retained an 8.2% share, and Foresite Capital, which invested approximately $9.8m in the IPO and came out with a 9.5% stake. Arcus has not revealed how the extra share sales will affect their stake sizes.