Edgewise Therapeutics, a US-based musculoskeletal disease drug developer that counts pharmaceutical firm Novo as an investor, closed an initial public offering on the Nasdaq Global Market at $202m on Tuesday.
The company raised an initial $176m last week, pricing 11 million shares at $16.00 each. Its shares closed trading at $32.50 yesterday, equating to a market capitalisation of $1.6bn.
Underwriters JP Morgan Securities, Goldman Sachs, SVB Leerink and Wedbush Securities have taken up the option to buy another 1.65 million shares at the IPO price through the over-allotment option.
Edgewise is developing small molecule drugs for hereditary musculoskeletal diseases and will put the IPO proceeds into clinical trials for potential Duchenne muscular dystrophy and Becker muscular dystrophy treatments.
The company had raised a total of $155m, as of a $95m series C round in December 2020 led by Viking Global Investors and backed by Novo, Janus Henderson Investors, Surveyor Capital, RA Capital Management, Cormorant Asset Management, Logos Capital, Wellington Management, OrbiMed, US Venture Partners, Deerfield Management, CureDuchenne Ventures and New Leaf Ventures.
OrbiMed remains Edgewise’s largest shareholder, with a 27.1% stake, followed by Novo (10%), US Venture Partners (7.1%), Deerfield Management (6.7%) and Viking Global Investors (5.5%).
