SpringWorks Raises IPO to 9 Million Shares at $16-$18 Each - (Morningstar via NewsPoints Desk)

  • SpringWorks Therapeutics expanded the size of its planned initial public offering (IPO) to 9 million shares, Morningstar reported Thursday.

  • The IPO, which is priced at $16 per share to $18 per share, initially had a target size of 7.35 million shares.

  • At the midpoint of the proposed range, SpringWorks would net approximately $139 million, a figure that could grow to $160.3 million if underwriters exercise an option to purchase 1.35 million additional shares.

  • The drugmaker plans to use the proceeds to support the development of nirogacestat for desmoid tumours and mirdametinib for a rare tumour of the peripheral nerve sheath.

  • At the midpoint of the range, the company would have a market value of $735 million.

  • Meanwhile, Pfizer will hold a 10.9% stake in SpringWorks after the IPO.

  • FirstWord Reports: Providing insight, analysis and expert opinion on important Pharma trends and challenging issues <Click here>

To read more NewsPoints articles, click here.