Dutch Immuno-Oncology Biotech closes massive IPO on the NASDAQ

30/05/2016 - 2 minutes

The Utrecht based Merus has snagged around $47.3M (€42.5M) in an IPO on the NASDAQ market for its portfolio of antibodies targeting breast and colorectal cancers.

merus_cancer_biotech_immunooncology_ipo_nasdaqBack in April 2015, Merus announced its intention to go public on the Nasdaq, with the goal of raising at least €100M for the rest of the year, but then the company decided to cash in the money in a private round for the moment.

This IPO therefore ties up a series of impressive financing rounds, starting with a €50M Series B through the support of big pharmas, including Novartis Venture Fund, Johnson & Johnson Innovation and Pfizer Venture Investments.

nasdaq_merus_biotech_immunooncology

That’s a big cash pot for the biotech to pump into clinical trials, with shares being traded up to a net proceeds total of approximately €42.5M in under a week (the IPO went live on the 19th May).

This is made even more impressive if you remember Merus was a startup around a year ago which had just received a Eurostars EUREKA grant of €2.1M.

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