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Tuesday, Mar 19, 2024
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Tocagen Inc. Raises $97.8 Million in IPO

San Diego drugmaker Tocagen Inc. ended up raising $97.8 million in an upsized initial public offering this week, making it the largest local IPO since Otonomy’s debut in 2014.

The company, which previously expected to raise $85 million, said underwriters exercised options that boosted the total haul.

The deal is the second life science IPO this year and the second upsized offering, with AnaptysBio Inc. raising $75 million in January (it originally planned to raise $60 million).

Over the past three years, San Diego companies that go public generally bring in about $20 million to $80 million. Tocagen’s raise is the biggest since Otonomy, which raised over $100 million in 2014 (a year when biotech IPOs were going gangbusters).

The recent success of AnaptysBio has fueled optimism in the local IPO market. As long as Tocagen’s stock stays steady after the raise, it could validate that optimism.

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