London: Rapport Therapeutics said on Thursday that it has raised $154 million in its initial public offering in the United States at a valuation of about $601.4 million.The company said it plans to sell 8 million shares at $17 each, priced at the midpoint of its indicated price range of $16-$18 apiece.Rapport, backed by the venture capital arm of Johnson & Johnson develops small molecule medicines for patients suffering from central nervous system disorders. The Boston, Massachusetts-based company was formed in February 2022 with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC. Initially named Precision Neuroscience NewCo, Rapport has said that it plans to use a portion of the IPO proceeds to advance the clinical development of its lead product candidate, RAP-219, for the treatment of focal epilepsy. The IPO shows that the U.S. IPO market has made a strong comeback after two dismal years.Companies have raised more than $15 billion this year via IPOs on U.S. exchanges, according to Dealogic, up sharply from about $9.1 billion at this point last year, the data shows.Rapport’s shares are expected to begin trading on the Nasdaq on June 7 under the ticker symbol “RAPP”. Goldman Sachs, Jefferies, TD Cowen and Stifel are the underwriters for the offering.(Reporting by Disha Mishra in Bengaluru; Editing by Alan Barona)
Published On Jun 7, 2024 at 10:37 AM IST
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https://health.economictimes.indiatimes.com/news/pharma/financial-performance/jj-backed-rapport-therapeutics-raises-154-mln-in-us-ipo/110785208
