Credit: Shutterstock photoresTORbio, which is developing novel therapies to improve immune function in the elderly, announced terms for its IPO on Tuesday.
The Boston, MA-based company plans to raise $85 million by offering 5.7 million shares at a price range of $14 to $16. Insiders intend to purchase $35 million (41% of deal size) worth of shares in the offering. At the midpoint of the proposed range, resTORbio would command a fully diluted market value of $410 million.
resTORbio was founded in 2016 and plans to list on the Nasdaq under the symbol TORC. BofA Merrill Lynch, Leerink Partners and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of January 22, 2018.
The article resTORbio sets terms for $85 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
