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Schrödinger plans $100M IPO on Nasdaq

Schrödinger LLC is planning an IPO of up to $100 million of its common stock on the Nasdaq Global Market.

The New York-based company provides software solutions for life sciences and material research. It has applied to list its shares on the exchange under the symbol SDGR.

The company plans to use the proceeds to advance its computational platform and drug discovery programs. Funds will also be used for general corporate purposes, including working capital, operating and capital expenditures.

Ramy Farid is president and CEO of Schrödinger.

The Bill & Melinda Gates Foundation Trust and David Shaw, along with affiliated entities, own a 5% stake in the company.

Schrödinger raised a total of $110 million from existing and new investors to fund its computational platform and the expansion of its therapeutic pipeline in May 2019.

Morgan Stanley & Co. LLC, BofA Securities LLC, Jefferies LLC and BMO Capital Markets Corp. are underwriters for the IPO.