June 10, 2013 / 10:16 PM / in 5 years

Agios Pharmaceuticals files for IPO of up to $86 mln

June 10 (Reuters) - Biopharmaceutical company Agios Pharmaceuticals Inc filed with U.S. regulators on Monday to raise up to $86 million in an initial public offering of common stock.

The Cambridge, Massachusetts-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that JP Morgan and Goldman Sachs & Co are lead underwriters in the IPO. ()

Agios said it was working with Celgene Corp on a program focused on cancer metabolism.

Celgene, which has a 17 percent stake in Agios, has agreed to purchase an undisclosed amount of Agios stock in a separate private placement at the IPO price.

Agios, which develops treatments for cancer and inborn errors of metabolism (IEM), reported a net loss of $7.2 million on revenue of $6.3 million for the quarter ended March 31, according to the filing.

The company intends to use the net proceeds from the IPO together with its existing cash resources of $115.8 million to fund clinical development of its lead product candidates in its cancer and IEM programs.

The company intends to list its common stock on the Nasdaq under the symbol “AGIO”.

The filing did not reveal how many shares Agios planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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