The oncology therapy developer has gone public in an upsized offering that provided an exit to Third Rock Ventures.
Relay Therapeutics, a US-based oncology therapy developer based on research from multiple institutions, went public yesterday in a $400m initial public offering.
The company increased the number of shares in the offering from 14.7 million to 20 million and priced the shares at $20.00 each, above the IPO’s $16 to $18 range. Its shares closed at $35.05 on their first day of trading on the Nasdaq Global Market yesterday, valuing it above $3bn.
Founded in 2016, Relay is using insights into protein motion to develop small molecule drugs intended to treat cancer by targeting proteins that were previously thought of as undruggable.
Relay’s technology is based on research by David Shaw, founder of biochemistry research firm DE Shaw Research, Matthew Jacobson of University of California, San Francisco, Dorothee Kern of Brandeis University and Howard Hughes Medical Institute, and Mark Murcko of Massachusetts Institute of Technology.
…
