The pharmaceutical company, backed by Allergan and Boehringer Ingelheim, raised the cash after $109m of equity funding.
US-based biopharmaceutical company Vitae Pharmaceuticals closed a $55m initial public offering yesterday, selling almost 6.9 million shares at $8.00 each.
Vitae is developing treatments for disorders including acute coronary syndrome and dermatitis. It plans to utilise the funding to advance two of its candidates through Phase 1 clinical trials, and to discover new drug candidates.
Pharmaceutical companies Boehringer Ingelheim and Allergan hold stakes of 6.3% and 3.3%, respectively, in Vitae post-IPO, with neither investor selling shares in the offering.
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