Japan's VC-backed Oncolys Pharma raises $64m in Tokyo IPO
Oncolys Pharma, a VC-backed developer of drugs targeting cancer and serious infectious diseases, saw its stock open at JPY3,500 per share - a 34.6% premium on the offering price - on its first day of trading in Tokyo. This followed a JPY6.6 billion ($64.4 million) IPO.
The price peaked at JPY3,750 before eventually closing at JPY3,530 on Friday.
The firm - which listed on the Mothers (market of the high-growth and emerging stocks) section of the Tokyo Stock Exchange - sold 2.55 million shares, including 1.82 million new shares, at JPY2,600 apiece. The issue represents just over 51% of the company's outstanding shares post-IPO.
Prior to the offering, the company's VC backers included Nippon Venture Capital and Ibis Capital Partners, which owned 3.09% and 2.41%, respectively. Strategic backers include Tokyo-listed pharmaceutical firm Astellas Pharma, which held a 9.37% stake.
According to AVCJ Research, Oncolys has received several rounds of VC investment since it was set up in 2004.
Two rounds of seed funding came from Jafco Ventures, SMBC Capital and Mitsui Sumitomo Insurance Venture Capital. The same investors then re-upped for a third round in early 2006 before being joined by Nikko Antfactory and Nomura Research a month later. The deal value was not disclosed.
The company then raised JPY306 million from Nikko and SMBC in 2008 followed by another JPY1 billion round led by Ibis and Nippon Venture in July of this year. Oncolys now has JPY4.6 billion in paid-up capital.
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