The UPMC-backed cancer biotherapeutics developer priced its shares in the middle of their range in its initial public offering.
Werewolf Therapeutics, a US-based cancer treatment developer backed by healthcare provider UPMC and pharmaceutical firm Taiho, has raised $120m in an initial public offering on the Nasdaq Global Market.
The company had initially filed to issue 6.25 million shares and set a price range between $15 and $17, but later upped the number of shares in the offering to 7.5 million and priced them at $16.00 each. It floated last week and its shares closed at $16.26 yesterday, representing a market capitalisation of approximately $427m.
Werewolf is using protein engineering technology dubbed Predator to develop biotherapeutics intended to improve the immune system’s response to cancer. Life sciences investment firm MPM Capital seeded it with an undisclosed amount of funding in 2017.
The company plans to use about $111m of the IPO proceeds and its cash on hand to fund dose escalation and expansion trials for its…
