IPO of Nextech II Oncology portfolio company oversubscribed
Zurich (Switzerland), October 10, 2013 - Nextech Invest Ltd., the specialist cancer venture capital investor, announced today the Initial Public Offering of its portfolio company MacroGenics Inc. (NASDAQ: MGNX; Rockville, USA) and its listing on the US NASDAQ exchange. In the IPO, MacroGenics raised a total of US$ 80 million, significantly more than expected, on the sale of 5 million shares at a price of US$ 16 per share, valuing the company at US$ 350 million. Nextech Invest led the last private financing round of MacroGenics in 2008.
"After having realized three successful exits, we have now completed our first IPO from our Nextech II Oncology Fund. We are very pleased to see this exit avenue works so well on the world`s most buoyant stock exchange," said Alfred Scheidegger, Founding Partner at Nextech Invest Ltd. "Together with our previous exits from the Nextech II Oncology portfolio, MacroGenics has now proved our investment strategy in later stage oncology companies, a strategy that continues to fulfill our expectations. I would like to wish the MacroGenics management team great fortune over the coming years and success in the clinic with Margetuximab, which is in Phase II clinical trials to treat metastatic breast cancer and gastroesophageal cancer."
About Nextech Invest Ltd.
The global specialist life sciences venture capital firm Nextech Invest Ltd., established in 1998, focuses on investing in oncology related companies. Supported by an outstanding Scientific Advisory Board of seven world-leading oncologists chaired by Professor David Livingston, Deputy Director Dana-Farber/Harvard Cancer Center, Nextech Invest is investing in emerging companies with pioneering innovations in cancer research that have compounds in advanced clinical trials. The two Nextech funds have a total of US$ 100 million under management. Nextech Invest has made ten investments to date, of which three have already been exited. Nextech Invest, based in Zurich, is a longstanding member of leading networks in private equity, such as EVCA, SECA and EVPA. Nextech Invest works closely with the Union for International Cancer Control (UICC).
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Source: Nextech Invest AG via Thomson Reuters ONE
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