Nuevolution Increases Size of IPO In Response to Strong Demand

Nuevolution has increased the size of its IPO to SEK 250 million, or approximately $29.5 million. This comes in response to strong demand for the company.
According to an article on Fierce Biotech:

The upsizing means Nuevolution, which lists Johnson & Johnson ($JNJ), Merck ($MRK) and Novartis ($NVS) among its partners, is on course to pull off the biggest biotech IPO of the year on Nasdaq First North.

Copenhagen, Denmark-based Nuevolution initially set out to raise SEK 225 million but ratcheted up its ambitions this week after gauging the level of investor interest in the offering. The listing, which is set to take place before the end of the year, will give Nuevolution the financial might to advance its in-house pipeline of drugs targeting cancer and inflammatory diseases toward the clinic. By funnelling up to 80% of its IPO haul into its most advanced candidates, Nuevolution thinks it can move five or six programs into late preclinical or early clinical testing.
 
Nuevolution plans to put three or four programs up for outlicensing, keeping one or two back to advance to clinical proof-of-concept internally. The strategy marks a ramping up of Nuevolution’s ambitions. To date, the company is best known for landing deals with a who’s who of top biopharma players. J&J, Merck and Novartis are joined on Nuevolution’s list of collaborators by Boehringer Ingelheim, GlaxoSmithKline ($GSK) and Lexicon Pharmaceuticals ($LXRX). The signing of these deals has generated revenue of SEK 370 million for Nuevolution.

Click here to read the full article on Fierce Biotech.