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Immuno-oncology company Forty Seven seeks to raise up to $123.3M in IPO

Forty Seven Inc. plans to offer 6.7 million shares in an IPO at a price between $14 and $16 apiece to raise up to $123.3 million in gross proceeds.

The Menlo Park, Calif.-based clinical-stage immuno-oncology company granted the underwriters an option to buy up to an additional 1,005,000 shares.

Forty Seven has applied to list its common stock on the Nasdaq Global Market under the symbol FTSV.

The company said existing stockholders, including certain affiliates of its directors, have shown an interest in buying about $30 million of common stock.

Net proceeds from the IPO are expected to be about $90 million, or $104.0 million if the underwriters fully exercise their overallotment option, assuming an IPO price of $15 per share.

Forty Seven intends to use the net proceeds for the clinical development of 5F9 for treating certain types of cancer; for developing antibody product candidate FSI-189 to treat solid tumors and for upfront fees to license intellectual property.

The company also intends to use any remaining proceeds for research and drug discovery activities related to additional product candidates, working capital and general corporate purposes.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Canaccord Genuity LLC, BTIG LLC and Oppenheimer & Co. Inc. are acting as underwriters for the offering.