SpringWorks Raises IPO to 9 Million Shares at $16-$18 Each
12 Septembre 2019 - 2:21PM
Dow Jones News
By Colin Kellaher
Biopharmaceutical company SpringWorks Therapeutics Inc. on
Thursday raised its planned initial public offering to 9 million
shares at an expected price of $16 to $18 apiece.
The Stamford, Conn., company had previously planned to offer
about 7.35 million shares.
At the $17 midpoint of the expected price range, SpringWorks
said it expects net proceeds of about $139 million, or roughly
$160.3 million if the underwriters exercise their option to buy an
additional 1.35 million shares.
The company said it will use the proceeds to fund studies of
nirogacestat, its most advanced product candidate, which is
initially in development for the treatment of desmoid tumors, and
of mirdametinib, its second product candidate, which is initially
in development to treat a rare tumor of the peripheral nerve
sheath.
SpringWorks said it will have about 43.2 million shares
outstanding after the IPO, assuming the underwriters exercise their
overallotment option, for a valuation of about $735 million at the
$17 midpoint.
Bain Capital and OrbiMed Advisors will each own about 17% of
SpringWorks after the IPO, while Pfizer Inc. (PFE) will hold about
10.9%, according to a filing with the Securities and Exchange
Commission.
SpringWorks said its shares have been approved for listing on
the Nasdaq Global Select Market under the symbol SWTX.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 12, 2019 08:06 ET (12:06 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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