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Westphal’s Verastem plans $45 million IPO next week

Posted on 24 January 2012

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From Boston Business Journal. 

Verastem, a one-year old startup focused on developing drugs that target cancer stem cells, plans to set pricing for its IPO during the week of Jan. 23, the IPO research firm Renaissance Capital reported, Friday. 

The Cambridge, Mass. company plans to raise $45 million by offering 4.5 million shares at a price range of between $9 and $11. If Verastem begins trading at the midpoint of the range, the company, which has not yet begun any clinical trials, would have a market value of $196 million. Verastem plans to list on the NASDAQ under the ticker symbol VSTM. UBS and Leerink Swann are the lead underwriters on the deal.

Verastem’s CEO is serial entrepreneurChristoph Westphal, who founded Sirtris Pharmaceuticals    which was bought by UK-based drug maker GlaxoSmithKline in 2008 for $720 million. Verastem is backed byLongwood Founders Fund, a Boston venture firm co-founded by Westphal, and by Bessemer Venture Partners.

 

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