Seaport Therapeutics Inc. set its initial public offering (IPO) terms on Thursday, detailing the deal in a pricing of its upsized IPO that values shares at $18 each.
The clinical-stage biotech firm said the IPO covers 14.16 million shares, with all shares being offered by the company.
Seaport said the $18 price is at the high end of the expected range and implies gross proceeds of about $254.9 million before underwriting fees and other offering costs.
The company also provided underwriters a 30-day window to purchase up to 2,124,000 additional shares at the IPO price, minus discounts and commissions.
A Strategic Market Move
The company said its shares are slated to start trading on the Nasdaq Global Select Market on Friday under the symbol SPTX. Seaport also expects the transaction to settle on Monday, May 4, assuming customary closing requirements are met.
Seaport described itself as focused on creating and advancing treatments aimed at neuropsychiatric conditions. The company is based in Boston.
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