Fulcrum Therapeutics Sets IPO at 4.5 Million Shares; Sees Pricing at $16-$18 Apiece
July 08 2019 - 07:13AM
Dow Jones News
By Colin Kellaher
Fulcrum Therapeutics Inc., a biopharmaceutical company backed by
GlaxoSmithKline PLC (GSK), on Monday said it will sell 4.5 million
common shares in its initial public offering, with an expected
price range of $16 to $18 each.
At the $17 midpoint of that range, the Cambridge, Mass., company
said it expects net proceeds of about $68 million, or roughly $78.7
million if the underwriters exercise their option to buy an
additional 675,000 shares.
Fulcrum said it will use the proceeds, along with cash on hand,
to advance losmapimod, its first product candidate, along with
other programs and discovery efforts. The company is developing
losmapimod for the treatment of facioscapulohumeral muscular
dystrophy, a rare, progressive and disabling muscle wasting
disorder.
Fulcrum it will have about 23.3 million shares outstanding after
the IPO, for a valuation of about $397 million at the $17
midpoint.
Biotech investor Third Rock Ventures will hold a 34.9% stake in
Fulcrum after the IPO, while GlaxoSmithKline will own 7.7%,
according to a filing with the Securities and Exchange
Commission.
Fulcrum said it has applied to list its shares on the Nasdaq
Global Market under the symbol FULC.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 08, 2019 06:58 ET (10:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Gsk (LSE:GSK)
Historical Stock Chart
From Feb 2024 to Mar 2024
Gsk (LSE:GSK)
Historical Stock Chart
From Mar 2023 to Mar 2024