IPOs

Solid tumor biotech Relay Therapeutics increases proposed deal size by 48% ahead of $370 million IPO

Relay Therapeutics, a Phase 1 biotech developing precision small molecule therapies for solid tumors, raised the proposed deal size for its upcoming IPO on Wednesday.

The Cambridge, MA-based company now plans to raise $370 million by offering 20 million shares at a price range of $18 to $19. The company had previously filed to offer 14.7 million shares at a range of $16 to $18. At the midpoint of the revised range, Relay Therapeutics will raise 48% more in proceeds than previously anticipated to command a fully diluted market value of $1.7 billion.

Relay Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol RLAY. J.P. Morgan, Goldman Sachs, Cowen, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.

The article Solid tumor biotech Relay Therapeutics increases proposed deal size by 48% ahead of $370 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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