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WuXi PharmaTech-backed Foundation Medicine sets terms for $75m IPO

  • Andrew Woodman
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US cancer diagnostics firm Foundation Medicine, which counts the corporate venture fund of Shanghai-headquarted WuXi PharmaTech among its backers, has announced the terms for its US IPO.

According to a regulatory filing, the company plans to raise as much as $75 million by offering five million shares priced at $14-16 apiece. Based on the midpoint of this indicative range, the company would command a fully diluted market value of $421 million.

Set up in 2009, Foundation Medicine develops diagnostic systems that assess genomic alterations in cancer cells and match patients with targeted therapies. It recorded $20 million in sales for the 12 months ended June 30, 2013. The firm initially filed in June and will list on NASDAQ under the symbol FMI.

In addition to WuXi Corporate Venture Fund, Foundation Medicine's backers include founding investors Third Rock Ventures as well as Google Ventures and Kleiner Perkins Caufield & Byers.

The company has also received investment from Deerfield Management Company, Casdin Capital, Redmile Group, Laboratory Corporation of America Holdings and Roche Venture Fund. Individual investors include Microsoft co-founder Bill Gates, Digital Sky Technology founder Yuri Milner and Evan Jones, co-founder of Digene Corp.

Goldman Sachs and J.P. Morgan are the joint bookrunners on the IPO.

 

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