Blackstone : Praxis Precision Medicines Upsized IPO Priced Above Expectations

By Colin Kellaher

Praxis Precision Medicines Inc. said its upsized initial public offering of 10 million shares was priced at $19 apiece, above increased expectations.

The Cambridge, Mass., clinical-stage biopharmaceutical company backed by Blackstone Group Inc. Thursday had raised the size of the IPO to 10 million shares priced between $17 and $18 each from prior plans to offer 7.4 million shares at $16 to $18.

Praxis said it expects gross proceeds of $190 million, adding that it granted the underwriters a 30-day option to buy up to an additional 1.5 million shares.

Praxis shares are due to begin trading Friday under the symbol PRAX.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

10-16-20 0619ET