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MarketScreener Homepage  >  Equities  >  Nyse  >  Pfizer    PFE

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SpringWorks Raises IPO to 9 Million Shares at $16-$18 Each

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09/12/2019 | 08:07am EDT

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

Stocks mentioned in the article
ChangeLast1st jan.
NASDAQ COMP. -0.22% 8176.71293 Delayed Quote.23.50%
PFIZER -0.99% 36.91 Delayed Quote.-15.44%
PFIZER LTD 1.51% 3293.2 End-of-day quote.16.66%
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Financials (USD)
Sales 2019 51 636 M
EBIT 2019 18 934 M
Net income 2019 11 493 M
Debt 2019 30 786 M
Yield 2019 3,88%
P/E ratio 2019 16,0x
P/E ratio 2020 15,6x
EV / Sales2019 4,55x
EV / Sales2020 4,83x
Capitalization 204 B
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 43,38  $
Last Close Price 36,91  $
Spread / Highest target 49,0%
Spread / Average Target 17,5%
Spread / Lowest Target -18,7%
EPS Revisions
Managers
NameTitle
Albert Bourla Director, Chief Executive & Operating Officer
Ian C. Read Executive Chairman
Frank A. D'Amelio Chief Financial Officer & EVP-Business Operations
Freda C. Lewis-Hall Chief Medical Officer & Executive Vice President
W. Don Cornwell Independent Director
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