Morphic began trading on the Nasdaq Global Market yesterday after issuing 6 million shares priced at $15 each, providing exits to AbbVie, GSK, Novo, Pfizer, Schrödinger and ShangPharma.
Morphic Therapeutic, a US-based biotechnology developer based on research at Harvard University, raised $90m in its initial public offering yesterday.
The company issued 6 million shares on the Nasdaq Global Market priced at $15 each, in the middle of the IPO’s range, valuing it at approximately $444m. The offering is expected to conclude on July 1, and the company’s shares closed at $18.00 in their first day of trading.
Founded in 2015, Morphic is developing small molecule drugs aimed at integrins, which are protein receptors responsible for several cellular processes. It is targeting a range of disease areas including fibrosis, vascular disorders, autoimmune diseases and immuno-oncology.
Morphic’s technology is based on research undertaken by Timothy Springer, professor of biological chemistry and molecular pharmacology and a professor of medicine at Harvard University’s Medical School and Boston Children’s Hospital.
The company entered into a strategic collaboration agreement…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
