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October 20, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Stamford’s SpringWorks Therapeutics debuts IPO today

Stamford biopharmaceutical company SpringWorks Therapeutics Inc. has priced its initial public offering of 9 million shares of its common stock at $18 per share.

The shares will begin trading today on the Nasdaq Global Select Market under the ticker symbol “SWTX,” with the offering expected to close on Sept. 17, subject to the satisfaction of customary closing conditions.

The gross proceeds from the IPO to SpringWorks, which develops medicines to treat cancer and severe rare diseases, are expected to be $162 million before deducting underwriting discounts and commissions and estimated offering expenses to be payable by the firm. In addition, SpringWorks has granted the underwriters a 30-day option to buy up to 1.35 million additional shares of its common stock at the IPO price, less underwriting discounts and commissions.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Cowen and Co. LLC are acting as joint book-running managers for the offering. Wedbush Securities Inc. is acting as co-manager for the offering.

Last week, the biotech received a “breakthrough therapy designation” from the U.S. Food and Drug Administration for the development of Nirogacestat, an oral medicine for desmoid tumors, rare soft-tissue tumors that can cause pain, internal bleeding and disfigurement and limit patients’ physical motion.