Praxis Precision Medicines to Offer 7.4 Million Shares at $16-$18 Each in IPO
09 October 2020 - 10:11PM
Dow Jones News
By Colin Kellaher
Praxis Precision Medicines Inc. on Friday said it expects to
sell 7.4 million shares at between $16 and $18 apiece in its
initial public offering.
At the $17 midpoint of that range, the Cambridge, Mass.,
clinical-stage biopharmaceutical company said it expects net
proceeds of about $113.7 million, or roughly $131.2 million if the
underwriters exercise an option to buy an additional 1.11 million
shares.
Praxis, which is developing therapies for central-nervous-system
disorders, said the proceeds, coupled with its existing resources,
will be sufficient to fund its operations for at least the next 18
months.
In a filing with the U.S. Securities and Exchange Commission,
Praxis said it would have about 35.3 million shares outstanding
after the IPO, assuming exercise of the overallotment option, for a
valuation of about $600 million at the $17-a-share midpoint.
Entities affiliated with investment firm Blackstone Group Inc.
currently own about 31.8% of Praxis, which has applied to list its
shares on the Nasdaq Global Market under the symbol PRAX.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 09, 2020 06:56 ET (10:56 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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