The precision cancer therapy developer, based on research from several universities, floated at the top of an upsized range and saw its price continue to rise post-IPO.
Revolution Medicines, a US-based cancer therapy developer based on research from multiple institutions, raised $238m yesterday in an initial public offering on the Nasdaq Global Market that scored an exit for pharmaceutical company Sanofi.
The company priced its shares at the top of a $15 to $17 range that had been upsized from the IPO’s original $14 to $16 range, set last week, increasing the number of shares in the offering from 10 million to 14 million at the same time.
The shares rose 70% to close at $28.90 on their first day of trading, valuing Revolution at just under $1.65bn. Joint book-running managers JP Morgan, Cowen, Guggenheim Securities and SVB Leerink have the opportunity to buy a further 2.1 million shares which would lift the size of the offering to nearly $274m.
Revolution is working on oncology drugs designed to target selected proteins that…
