UPDATED: Fusion Pharmaceuticals Set for IPO

Hamilton-based Fusion Pharmaceuticals has announced that it expects to sell 8.35 million shares ranging from $14 to $16 in its initial public offering. The company said it would use a portion of the proceeds for the development of its lead product candidate as a single therapy and in combination therapies.

The Fusion Pharmaceuticals IPO would be the second of the month on Nasdaq by a Canadian cancer drug developer. On June 18, Montreal's Repare Therapeutics Inc. announced the pricing of its IPO. A third Canadian company, Chinook Therapeutics Inc., is pursing a merger with Nasdaq-traded Aduro Biotech Inc.

Updated June 24: Fusion Pharmaceuticals announced that it has raised the proposed deal size for its IPO and will now raise up to US$230 million by offering 12.5 million shares. The company expects to start trading on June 26.