Surface Oncology, a clinical-stage biotech developing next-generation antibody cancer therapies, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $84 million by offering 6 million shares at a price range of $13 to $15. Insiders intend to purchase $25 million (30% of deal size) worth of shares in the offering. In addition, Novartis intends to invest $11.5 million in a concurrent private placement. At the midpoint of the proposed range, Surface Oncology would command a fully diluted market value of $404 million.
Surface Oncology was founded in 2014 and booked $13 million in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol SURF. Goldman Sachs, Cowen & Company and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of April 16, 2018.
