Cancer biotech Turning Point Therapeutics sets terms for $125 million IPO

Turning Point Therapeutics, an early stage biotech developing tyrosine kinase inhibitors for treating cancer, announced terms for its IPO on Monday.

The San Diego, CA-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. Insiders intend to purchase $50 million worth of shares in the offering (40% of the deal). At the midpoint of the proposed range, it would command a fully diluted market value of $524 million. 

Turning Point Therapeutics was founded in 2013 and plans to list on the Nasdaq under the symbol TPTX. Goldman Sachs, SVB Leerink and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 15, 2019.

The article Cancer biotech Turning Point Therapeutics sets terms for $125 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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