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By Colin Kellaher
Morphic Holding Inc., a biopharmaceutical company backed by several large drug makers, on Friday said it will sell five million shares in its initial public offering, with an expected price range of $14 to $16 each.
At the $15 midpoint of that range, the Waltham, Mass., company said it expects net proceeds of about $67 million, or roughly $77.4 million if the underwriters exercise their option to buy an additional 750,000 shares.
Morphic said it will have about 29.3 million shares outstanding after the IPO and overallotment option, for a valuation of about $440.2 million at the $15 midpoint.
Morphic, which is working to develop oral small-molecule integrin therapeutics aimed at a range of diseases, said it has raised $248 million through equity financings and collaborations since its inception.
Biotech entrepreneur Timothy Springer, a co-founder of Morphic, will hold an 18.1% stake after the IPO, while GlaxoSmithKline PLC (GSK) will own 8%, Pfizer Inc. (PFE) will hold 7.7% and Novo Nordisk A/S (NVO) will own 6.9%, according to a filing with the Securities and Exchange Commission.
Morphic said it has applied to list its shares on the Nasdaq Global Market under the symbol MORF.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
June 14, 2019 07:49 ET (11:49 GMT)
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