Aduro Biotech, which is developing two immunotherapy platforms for pancreatic and other cancers, raised the proposed deal size for its upcoming IPO on Tuesday. The Berkeley, CA-based company now plans to raise $119 million by offering 7 million shares at $17 per share. The company had previously filed to offer 5 million shares at a range of $14 to $16. At the revised price, Aduro will raise 59% greater proceeds than previously anticipated.
Aduro Biotech, which was founded in 2000 and booked $13 million in grant and collaboration revenue for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol ADRO. BofA Merrill Lynch and Leerink Partners are the joint bookrunners on the deal. It is expected to price during the week of April 13, 2015.
The article Pancreatic cancer biotech Aduro upsizes shares and increases proposed IPO price originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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