The Deal: OncoMed IPO Goes Metastatic
The Bayer-Schering deal is for roughly $1.4 billion. OncoMed received $40 million up front. If it meets various developmental and commercialization milestones, it could receive up to $387.5 million for the creation of each of three biotech drugs and another $112 million apiece for two chemical compounds. Vantictumab has Phase 1 proof of concept in advanced solid tumors and Fzd8-Fc is in Phase 1.
OncoMed filed its S-1 in May 2012, but did not go public at that time. Jefferies LLC and Leerink Swann LLC were joint bookrunners and Piper Jaffray & Co. and BMO Capital Markets Corp. were co-managers for the IPO.
Latham & Watkins LLP advised OncoMed with a Silicon Valley-based team led by partners Alan Mendelson and Mark Roeder along with associates Zachary Hale, Brian Paulson, Stephanie Wells and John Williams. Partners Judith Hasko, Ben Haas, James Metz and Grace Chen, with associates Kate Hillier, Elizabeth Richards, Betty Pang, Ashley Wagner and Una Au, also worked on the deal. Latham also provided counsel to OncoMed in its deals with Glaxo and Bayer.
-- Written by Pamela Taulbee in New York
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