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. In addition to these two new drug launches, Merck’s stock price rose more than 3% on Tuesday after it announced that it would buy rival Takeda Pharmaceuticals Inc for about $4bn (£2.3bn)
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.