Relay Therapeutics in $400M IPO
- Posted by ISPE Boston
- On July 23, 2020
Cambridge-based Relay Therapeutics has announced an initial public offering of 20,000,000 shares of its common stock at a price to the public of $20.00 per share. The gross proceeds of the offering are expected to be $400 million. In addition, the underwriters have a 30-day option to purchase up to 3,000,000 additional shares of common stock at the initial public offering price less underwriting discounts and commissions. The shares were expected to begin trading on the Nasdaq Global Market on July 16, 2020 under the symbol “RLAY.” The offering is expected to close on July 20, 2020, subject to the satisfaction of customary closing conditions.
Relay Therapeutics is a clinical-stage precision medicines company transforming the drug discovery process with the goal of bringing life-changing therapies to patients. Built on unparalleled insights into protein motion and how this dynamic behavior relates to protein function, Relay Therapeutics aims to effectively drug protein targets that have previously been intractable, with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology. The Company’s Dynamo platform integrates an array of leading-edge experimental and computational approaches to provide a differentiated understanding of protein structure and motion to drug these targets. (Source: Relay Therapeutics Website, 15 July, 2020)