Regulus Therapeutics capped a busy week of deal-making with a proposed IPO financing of $57.5 million, which the biotech would use in part to fund work on its pipeline of microRNA drugs now in pre-clinical development for cancer, hepatitis C, cardiovascular and fibrotic diseases.
Regulus is likely years away from testing one of its microRNA-targeting drugs on humans, yet the developer already has non-binding commitments from Sanofi to buy up to $10 million of its common stock at the offering price and both GSK and Isis have shown similar interest in each grabbing up to $2 million at the public offering price.
Those players could buy nearly a quarter of the shares in the IPO.
Plus, AstraZeneca has agreed to purchase $25 million in Regulus’ common stock at the public offering price in a separate private placement, concurrent with Regulus wrapping up the IPO financing, according to the regulatory filing.
Regulus’ pharma alliances involve a total of $1.7 billion in potential milestone payments, but half of that money would depend on the commercialization of drugs involved in the deals.
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