December 21, 2018 / 10:33 PM / 2 years ago

Biotech firm Gossamer files for IPO

Dec 21 (Reuters) - U.S. Biotech company Gossamer Bio Inc on Friday filed with regulators to raise up to $264.5 million and list its shares on the Nasdaq under the symbol "GOSS".

The offering comes weeks after Moderna Inc earlier this month became the sector's biggest company to launch an IPO.

The amount proposed to be raised is used to calculate registration fees, and the final size of the IPO could vary.

Biotech IPOs have performed strongly, returning on an average of around 14 percent in 2018 as of Nov. 30, according to PricewaterhouseCoopers data, compared to a broadly flat S&P 500 Index year to date.

Gossamer could be targeting a public market valuation of around $1 billion, Reuters reported here citing sources. The company intends to use the net proceeds from the share offering to fund research and development as well as to meet its operational expenses.

The San Diego, California-based company is a clinical-stage biopharmaceutical firm that develops drugs in the areas of immunology, inflammation and oncology.

The company's net loss widened to $108.2 million in the first nine months of this year, from $0.3 million for the same period a year ago.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Leerink Partners, Barclays Capital Inc and Evercore Group are acting as underwriters. (Reporting by Bharath Manjesh in Bengaluru; Editing by James Emmanuel)

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