RayzeBio Inc. shares are expected to begin trading on the Nasdaq after Friday’s open as the radiopharmaceutical company’s upsized initial public offering (IPO) priced at the top end of the expected range.
The company announced that it has offered 17.28 million shares in the IPO, up from previous expectations of 14.4 million shares, priced at $18 per share to raise $311.0 million.
Wall Street expected the offering to be priced between $16 and $18 a share.
And, with 55.36 million shares outstanding after the IPO, the pricing gives RayzeBio a market valuation of $995.7 million.
RayzeBio stock is expected to trade under the ticker symbol 'RYZB’.
RayzeBio’s IPO is the second largest for a biotech company this year after Acelyrin raised $540 million in May.
JP Morgan, Jefferies, Evercore ISI and Truist Securities are acting as joint book-running managers for the offering.
RayzeBio is building a vertically integrated radiopharmaceutical therapeutics (RPT) company to treat various cancers, with its lead program in a Phase 3 clinical trial. The company has also created a pipeline of multiple drug candidates in therapeutic areas.
Contact Sean at sean@proactiveinvestors.com