Facit exited McMaster University's cancer radiotherapy spinout in an upsized initial public offering after $158m in funding.
Fusion Pharmaceuticals, a Canada-based cancer drug developer spun out of McMaster University, raised almost $213m when it went public on Friday.
The initial public offering involved the company increasing the number of shares in the IPO from 8.35 million to 12.5 million and pricing them at $17 each, above the $14 to $16 range it had set the previous Monday. It floated on the Nasdaq Global Select Market.
Underwriters Morgan Stanley, Jefferies, Cowen and Company and Wedbush Securities have the 30-day option to acquire nearly 1.9 million additional shares which would boost the size of the offering to more than $244m. The company’s shares opened at $18.50 and closed back at $17.00, valuing it at $710m.
Fusion is working on radiopharmaceuticals designed to treat cancer by emitting radioactivity to kill cancer cells. The therapies will utilise targeting molecules, like antibodies, in order to restrict the damage…
