Repare Therapeutics, the Canada-based oncology therapy developer that counts pharmaceutical firms Celgene and Bristol Myers Squibb (BMS) as investors, closed its initial public offering at $253m yesterday.
The company raised $220m when it floated on the Nasdaq Global Select Market on Friday last week, upgrading the offering from 10 million to 11 million shares and pricing them at the top of the $18 to $20 range.
Joint book-running managers Morgan Stanley, Goldman Sachs, Cowen and Piper Sandler subsequently took up the over-allotment option to buy another 1.65 million shares, after Repare’s shares rose to close at $32.99 on Monday, giving it a $1.15bn market cap.
Repare is allocating $50m of the proceeds from the offering to a phase 1/2 clinical trial for its lead drug candidate, RP-3500, for solid tumours, while $110m will support further research and development.
The IPO comes after about $165m in funding including $15m from research partner BMS last month. Celgene affiliate Celgene Switzerland is among its earlier investors, as was financial services firm UBS’s Oncology Impact Fund, which is managed by fellow Repare investor MPM Capital.
Versant Ventures was the company’s founding investor, and its backers also include Cowen Healthcare Investments, Fonds de solidarité FTQ, BDC Capital, OrbiMed, Redmile Group, BVF Partners and Logos Capital.
Repare’s largest shareholder, Versant Ventures, now has a 19.1% stake, followed by MPM (7.5%), OrbiMed (7.1%), UBS Oncology Impact Fund (5.8%), Cowen (5.2%), Fonds de solidarité FTQ (4.8%) and Redmile (4.3%).
