Ascending to the market

Although Ascendis Pharma A/S is keeping tight-lipped about its plans, the series D syndicate assembled by the drug delivery play has all the hallmarks of a pre-IPO round. The addition of crossover investors and near-term milestones makes Ascendis a likely candidate for the public markets should the IPO window remain open in 2015.

Last week, the prodrug technology developer raised $60 million in the round co-led by new investors Sofinnova Ventures, OrbiMed and Vivo Capital. New investors Janus Capital, Venrock, RA Capital, Rock Springs Capital and Sectoral Asset Management also participated, as did existing investor Sofinnova Partners, Ascendis' largest shareholder. The biotech had raised €24.4 million ($30.4 million) in its first three financing rounds...