Repare Therapeutics, which is commericalising precision cancer drugs based on research at UofT and NYU, added $33m to its IPO after its shares rose 65% post-offering.
Repare Therapeutics, the Canada-based oncology therapy developer based on research at University of Toronto and New York University, closed its initial public offering at $253m yesterday.
The company raised $220m when it floated on the Nasdaq Global Select Market on Friday last week, upgrading the offering from 10 million to 11 million shares and pricing them at the top of the $18 to $20 range.
Joint book-running managers Morgan Stanley, Goldman Sachs, Cowen and Piper Sandler subsequently took up the over-allotment option to buy another 1.65 million shares, after Repare’s shares rose to close at $32.99 on Monday, giving it a $1.15bn market cap.
Repare is allocating $50m of the proceeds from the offering to a phase 1/2 clinical trial for its lead drug candidate, RP-3500, for solid tumours, while $110m will support further research and development.
The IPO comes after about $165m in funding…
