G1 Therapeutics, North Carolina’s newest public company, is off to a strong start after raising $105 million at an initial price of $15 on May 16. To no one’s surprise, Wilmington investor Fred Eshelman is one of the big winners.
Shares of the Research Triangle Park-based company, which is developing anti-cancer drugs, closed today at $16.57 and now has a market value of $454 million, according to Nasdaq.com. The company had net losses of $54 million in 2015-16 with total revenue of $522,000.
Eshelman Ventures, run by the investor whose past successes include PPD and Furiex, owns about 12%, a stake valued at more than $50 million. The fund had put up about $17.5 million in 2015-16, according to a filing. Durham-based Hatteras Venture Partners is the biggest holder with 15.2%.
Eshelman, who graduated from UNC Chapel Hill’s pharmacy school in 1972, has pledged $100 million to his alma mater.
He’s had less success at Valeant Pharmaceuticals, where he joined the board in March 2016 amid a reorganization of the scandal-plagued company. Shares of Valeant have declined by more than 50% since then.