Mineralys Therapeutics announced a $100 million IPO earlier in the month, and now Structure Therapeutics has put the finishing touches to its own nine-figure Nasdaq offering.
The San Francisco and Shanghai-based biotech confirmed in an SEC filing today that it would be offering almost 9 million American depositary shares-representing close to 27 million ordinary shares-priced between $10 and $15 per ADS. Assuming the final price ends up in the middle of that range, the company is expecting a haul of $111.5 million, rising to $129 million if underwriters decide to buy up additional ADSs available.
In the summer, the company added an additional $33 million to an oversubscribed financing round, bringing total series B funding to $100 million.
A far more modest IPO is also in the works courtesy of Intensity Therapeutics, which is offering over 1.7 million shares of common stock at an estimated price of $4.50 apiece.
If all goes to plan, the cancer-focused company expects total proceeds of $6.1 million, rising to $7.2 million if underwriters take advantage of the option to secure additional shares, according to an SEC filing.
Some of the expected proceeds from the IPO will be used to push INT230-6 into a phase 3 trial for sarcoma, as well as develop a second candidate in INT33X, which is currently being tested in mice.
Still, there were some signs the scene was beginning to heat up again later in 2022, with Third Harmonic’s $185 million IPO in late August and Prime Medicine’s $175 million offering in October being two notable examples.
Link: https://www.fiercebiotech.com/biotech/structure-finalizes-111m-ipo-while-cancer-focused-intensity-also-reveals-nasdaq-ambitions