A cancer therapeutics company backed by five European venture firms has listed on the Oslo Stock Exchange raising €30m with a valuation of around €95m. The offering, priced at NOK47, was twice oversubscribed.
The business’ leading backer was
Cancer drug sales generated US$37bin in 2004, growing at an estimated 16% compound annual growth rate (CAGR) through 2009. Algeta is the first and only company with an alpha emitter in advanced clinical development in oncology. Alpha emitters kill cancer cells must more efficiently than beta emitters and with limited side effects.
Algeta has six products in development, three of which are in clinical phases with its leading product – the potential blockbuster Alpharadin – preparing for imminent start of phase III trials.
Thomas Ramdahl, Algeta’s President and CEO, said: “We are delighted that our IPO has been such a success. We strongly believe that novel therapeutics based on alpha emitters, including our lead product Alpharadin, have significant medical as well as commercial potential.”