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Venture capital-backed Aratana looks to raise $57.5m via IPO

22 Mar 2013

news_stockchart2_lrgVenture capital backed group Aratana Therapeutics is looking to raise as much as $57.5m through an IPO, AltAssets has learned.

MPM BioVentures and Avalon Ventures hold stakes of 23.78 per cent and 24.97 per cent in business respectively, while peer Cultivian Ventures owns 8.62 per cent according to a filing with the US securities regulator.

The firms participated in all three of Aratana’s previous funding rounds.

No details are given in the filing about what the firm’s stakes in Aratana will be following the float. Jay Lichter, Avalon ventures partner and Aratana director, told AltAssets he had no comment on the company’s financing strategy.

The Kansas City-headquartered company will use the funds for further product development and to build a sales team in the US, a filing with the US securities regulator shows.

Stifel and Lazard Capital Markets are acting as bookrunners with William Blair, JMP Securities and Craig-Hallum Capital Group also listed as underwriters in the filing.

MPM and Cultivian have yet to respond to requests for comment.

Another shareholder is RaQualia Pharma with an 11.43 per cent interest, while the Aratana’s executives and directors hold a combined 67.8 per cent stake.

Aratana held its Series A round in December 2010, raising nearly $10m from the three venture capital firms and adding a further $5.5m from RaQualia.

The Series B and C rounds raised a total $27.6m, taking the total amount of funds raised to $43.1m.

Earlier this month the firm secured a $5m debt facility from Square 1 Bank and could receive a further $5m if it raises more than $20m via the IPO.

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