Portfolio News
Transcept Merging with Novacea
Private Equity Hub
3 September 2008
Transcept Pharmaceuticals Inc., a Point Richmond, Calif.-based CNS drug company, has agreed to go public via a reverse merger with Novacea Inc. (Nasdaq: NOVC). Following the transaction, Transcept shareholders would hold a 60% stake in the combined company, while Novacea shareholders would hold the remaining 40 percent.
Transcept has raised around $70 million in VC funding since 2003, including a $40 million Series D round last year. New Enterprise Associates led the round, and was joined by New Leaf Venture Partners, Montreux Equity Partners, InterWest Partners, Hamilton BioVentures, Vivo Ventures and Peninsula Equity Partners.
