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SpringWorks Therapeutics prices $162M IPO at higher end of expected range

SpringWorks Therapeutics Inc. priced its upsized IPO of 9 million shares at $18 per share.

The price is at the high end of a previously disclosed range of between $16 and $18 per share. SpringWorks expects $162 million in gross proceeds from the offer.

The Stamford, Conn.-based biopharmaceutical company also previously increased the size of the offering from 7,352,941 shares.

Underwriters have a 30-day option to buy up to 1,350,000 additional common shares at the same price.

The drugmaker's shares will start trading on the Nasdaq Global Select Market on Sept. 13 under the ticker symbol SWTX.

The company previously said it plans to use the proceeds to develop its therapies nirogacestat and mirdametinib, among other things.

Nirogacestat is in development for treating desmoid tumors, or abnormal growths which arise from connective tissues. Mirdametinib is being developed for treating patients with neurofibromatosis type 1 — a condition characterized by changes in skin coloring and the growth of tumors along nerves in the skin, brain and other body parts.

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.