Stamford biopharmaceutical company SpringWorks Therapeutics Inc. has priced its initial public offering of 9 million shares of its common stock at $18 per share.
The gross proceeds from the IPO to SpringWorks, which develops medicines to treat cancer and severe rare diseases, are expected to be $162 million before deducting underwriting discounts and commissions and estimated offering expenses to be payable by the firm. In addition, SpringWorks has granted the underwriters a 30-day option to buy up to 1.35 million additional shares of its common stock at the IPO price, less underwriting discounts and commissions.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Cowen and Co. LLC are acting as joint book-running managers for the offering. Wedbush Securities Inc. is acting as co-manager for the offering.
Last week, the biotech received a “breakthrough therapy designation” from the U.S. Food and Drug Administration for the development of Nirogacestat, an oral medicine for desmoid tumors, rare soft-tissue tumors that can cause pain, internal bleeding and disfigurement and limit patients”™ physical motion.