Surface Oncology’s $119.5 Million Initial Public Offering


Goodwin advised Surface Oncology, Inc. (Surface) on the pricing of its initial public offering

Surface Oncology, Inc. (“Surface”) (Nasdaq:SURF), a clinical-stage immuno-oncology company developing next-generation antibody therapies that target the tumor microenvironment, today announced the pricing of its initial public offering of 7,200,000 shares of common stock at a public offering price of $15.00 per share. In addition, Surface has granted the underwriters a 30-day option to purchase up to 1,080,000 additional shares of common stock at the initial public offering price, less the underwriting discount. The gross proceeds from the offering, before deducting underwriting discounts and estimated offering expenses, are expected to be $108.0 million, excluding any proceeds from the exercise of the underwriters’ option to purchase additional shares. Surface’s common stock is expected to begin trading on the Nasdaq Global Market under the ticker symbol “SURF” on April 19, 2018. All of the shares are being offered by Surface.

Goldman Sachs & Co. LLC, Cowen and Company, LLC and Evercore Group L.L.C. are acting as joint book-running managers for the offering.

In addition to the shares sold in the public offering, Surface announced the concurrent sale of an additional 766,666 shares at the initial offering price of $15.00 per share, for gross proceeds of $11.5 million, in a private placement to Novartis Institutes for Biomedical Research, Inc. The sale of these shares will not be registered under the Securities Act of 1933, as amended, and will be subject to a 180-day lock-up agreement.

Surface Oncology, Inc. operates as an immuno-oncology company. The Company, led by Vito J Palombella, develops therapies for the treatment of cancer. In 2017 the company recorded $12.8 Million Revenues.

Goodwin advised with a team including Robert Puopolo (Picture), Seo Salimi and Kingsley Taft, Patricia Mets, Catherine Magazu, Andre Garron and Adi Sudarshan.

Involved fees earner: Robert Puopolo – Goodwin Procter; Seo Salimi – Goodwin Procter; Kingsley Taft – Goodwin Procter; Patricia Mets – Goodwin Procter; Catherine Magazu – Goodwin Procter; Andre Garron – Goodwin Procter; Adi Sudarshan – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: Surface Oncology;

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Author: Ambrogio Visconti