Surface Oncology, which is developing next-generation cancer therapies to boost the immune system, raised $108 million by offering an upsized 7.2 million shares at $15, the high end of the $13 to $15 range. The Cambridge, MA-based company originally filed to offer 6 million shares at the same range. Insiders intend to purchase $25 million (23%) of the IPO. Strategic partner Novartis invested an additional $11.5 million in a concurrent private placement at the IPO price. Surface Oncology plans to list on the Nasdaq under the symbol SURF. Goldman Sachs, Cowen & Company and Evercore ISI acted as lead managers on the deal.
