Biotech Tesaro sets terms for $81 million US IPO
Tesaro, a biotech focused on the treatment of
chemotherapy-induced symptoms, announced terms for its IPO on
Tuesday. The Waltham, MA-based company plans to raise $81 million
by offering 6.0 million shares at a price range of $12 to $15. At
the midpoint of the proposed range, Tesaro would command a market
value of $360 million.
The company's lead product candidate, rolapitant, is in Phase 3 trials, the results of which are expected in the 2H13. No revenue has been generated to date. Venture capital firms New Enterprise Associates, InterWest Partners and Kleiner Perkins will hold 39%, 10% and 7% post-IPO stakes, respectively. Certain undisclosed insiders have expressed an interest in purchasing approximately $25 million of stock in connection with the offering.
Tesaro, which was founded in 2010, plans to list on the NASDAQ under the symbol TSRO. Citi, Morgan Stanley and Leerink Swann are the joint bookrunners on the deal.