Spruce Biosciences, the US-based endocrine disorder drug developer backed by pharmaceutical firm Novo, closed its initial public offering at approximately $104m yesterday.
The company raised an initial $90m when it floated on Friday last week having priced 6 million shares at $15.00 each. Its share price closed at $17.85 yesterday and the IPO’s underwriters have taken up the option to acquire a further 900,000 shares at the same price.
The proceeds for the offering will go to advancing a pipeline of therapeutics mainly focusing on non-steroidal treatments for a life-threatening condition affecting the adrenal glands known as classic congenital adrenal hyperplasia.
Spruce had previously raised approximately $204m, Omega Funds and Abingworth having co-led an $88m series B round in February 2020 featuring Novo, RiverVest, HealthCap Partners, Rock Springs Capital, Surveyor Capital, Aisling Capital, Sands Capital and Citadel.
The series B investors doubled their contributions six months later. Spruce’s main shareholders now the offering has closed are Novo (20.4%), Omega Fund and RiverVest (8.2% each), HealthCap (7.7%), Abingworth (6.9%), Rock Springs (4.4%), Aisling Capital and Citadel (4.1% each).
The company is listed on the Nasdaq Global Select Market. Cowen, SVB Leerink, Credit Suisse and RBC Capital Markets were joint book-running managers for the IPO.
