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SpringWorks Therapeutics raises $186.3M in IPO

SpringWorks Therapeutics Inc. raised $186.3 million in gross proceeds in its IPO on the Nasdaq Global Select Market.

The Stamford, Conn.-based biopharmaceutical company sold 10,350,000 common shares at $18 apiece. This includes 1,350,000 common shares sold as underwriters fully exercised their overallotment option.

SpringWorks intends to use net proceeds from the offering to develop its drugs nirogacestat and mirdametinib, among other things.

Nirogacestat is being developed for treating desmoid tumors, which are noncancerous growths that occur in connective tissues with a common occurrence in the abdomen, arms and legs. Mirdametinib is being developed for treating patients with neurofibromatosis type 1 — a genetic condition that causes tumors to develop along the nerves. The tumors are mostly noncancerous but may cause a range of symptoms.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Cowen and Co. LLC are acting as joint book-running managers for the IPO, while Wedbush Securities Inc. is acting as co-manager.