Credit: Shutterstock photoSutro Biopharma, a Phase 1 biotech developing next-generation immuno-oncology therapies, raised $85 million by offering 5.67 million shares at $15, the midpoint of the $14 to $16 range. The company raised $10 million more than it had planned (+13%) by offering additional shares.
Insiders had intended to purchase $30 million of the IPO (35% of the deal), while Merck agreed to invest $10 million in a concurrent private placement.
Sutro Biopharma plans to list on the Nasdaq under the symbol STRO. Cowen and Piper Jaffray acted as lead managers on the deal.
The article Sutro Biopharma prices upsized IPO at $15 midpoint 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.
