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 firstname.lastname@example.org