NGM Biopharmaceuticals has raised $107m from its IPO. The company has launched seven experimental drugs since its founding in 2008 and is developing treatments for diabetes, obesity and the liver disease non-alcoholic steatohepatitis (NGM282) in partnership with Merck. The IPO means Merck now owns almost 20% of the firm. Merck has already invested $336m in NGM’s work, including for the rights to NGM282 and diabetes drugs, and will invest a further $20m by 2022. NGM said most of the IPO proceeds would back development of its NGM282 drug NASH, which cuts the fat and enzymes typical to liver damage.
NGM Biopharmaceuticals has raised $107m from its IPO. The company has launched seven experimental drugs since its founding in 2008 and is developing treatments for diabetes, obesity and the liver disease non-alcoholic steatohepatitis (NASH) in partnership with Merck. The IPO means Merck now owns almost 20% of the firm. Merck has already invested $336m in NGM’s work, including for the rights to NASH and diabetes drugs, and will invest a further $20m by 2022. NGM said most of the IPO proceeds would back development of its NASH drug NGM282, which cuts the fat and enzymes typical to liver damage.