Prometheus Positions for IPO, Licenses Novartis Drug

Bruce V. Bigelow1/26/10

Prometheus Laboratories, a San Diego-based specialty pharmaceutical and diagnostics company, says it has executed a commercialization deal with Novartis that gives Prometheus exclusive rights to sell aldesleukin (Proleukin) in the United States. Aldesleukin is a recombinant human interleukin-2 for treating metastatic melanoma and metastatic kidney cancer, and generated about $75 million in U.S. sales last year. PE Hub reports that Prometheus is in registration for a $100 million IPO, and has raised $73 million in venture funding from DLJ Merchant Banking Partners, Split Rock Partners, New Leaf Ventures, Apax Partners, Wachovia Capital Partners, and Brentwood Venture Capital. Earlier this month, Prometheus secured a $210 million loan and a $50 million revolving line of credit.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788