Morphic Holding Sets IPO at 5 Million Shares; Sees Pricing at $14-$16 Apiece
June 14 2019 - 08:04AM
Dow Jones News
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 colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 14, 2019 07:49 ET (11:49 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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