The IPO Buzz: Structure Therapeutics (GPCR) Prices Upsized IPO at $15 – High End

Structure Therapeutics (GPCR) priced its upsized IPO at $15.00 – the top of its $13.00-to-$15.00 range – on 10.74 million American Depositary Shares (ADS) – up from 8.95 million ADS in the prospectus – on Thursday night (Feb. 2, 2023). The IPO was increased in size at pricing. The stock is expected to start trading Friday (Feb. 3, 2023) on the NASDAQ.

Structure’s IPO raised $161.1 million – or 28.6 percent more than the  estimated IPO proceeds of $125.3 million, based on mid-point pricing at $14.00.

Jefferies, SVB Leerink, Guggenheim Securities and BMO Capital Markets are the joint book-runners.

This is the first big biotech IPO of the year.

Structure’s pricing came on the heels of positive buzz about the IPO and a heady day on Wall Street. The NASDAQ jumped 384.5 points – or 3.25 percent – to close at 12,200.82 after rising more than 4 percent from its December low earlier in the day – and moving toward a bull market, as Bloomberg reported. The S&P 500 gained as much as 1.9 percent during the day before pulling back to end at 4,179.46, up 1.47 percent. The stock market’s rally was driven by expectations that the Federal Reserve may be nearing the end of its rate-hike cycle and Meta Platforms Inc.’s (META) biggest gain since 2013.

Early today, the second big biotech IPO of 2023 hit the launch button. Mineralys Therapeutics (MLYS proposed), a clinical biotech developing an anti-hypertension drug, disclosed terms for its $150 million IPO – 10 million shares at $14.00 to $16.00 – and set a pricing date for next week. BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse and Wells Fargo Securities are the joint book-runners of the Mineralys IPO.

Targeting Type 2 Diabetes and Obesity

Structure Therapeutics, a South San Francisco-based clinical biotech with drug R&D operations in Shanghai, is targeting Type 2 diabetes and obesity with its oral small molecule drug candidate called GSBR-1290. The drug candidate is from the G-protein-coupled receptor (GPCR) therapeutic target class.

GSBR-1290 – its leading drug candidate – is being evaluated in a Phase 1b clinical trial that began in January. The company expects to transition that study to a Phase 2a clinical trial in the second half of 2023. The goal is to release topline clinical trial data during the second half of the year, the prospectus says.

Principal shareholders of Structure Therapeutics include Sequoia Capital China, with a pre-IPO stake of 10.3 percent; BVF Partners, with a pre-IPO stake of 9.6 percent; ERVC Healthcare IV, with a pre-IPO stake of 8.5 percent, and F-Prime Capital Partners, with a pre-IPO stake of 7.5 percent.

Since our inception, we have raised $198.0 million, supported by a syndicate of leading global investors, including BVF Partners, Deep Track Capital, Eight Roads Ventures, F-Prime Capital Partners, Qiming Venture Partners, and Sequoia Capital China,” the prospectus says. .

The company, formerly known as ShouTi, Inc., was formed in 2016, the prospectus says. Its co-founder and CEO, Ray Stevens, Ph.D., is “a world-renowned pioneer in the field of structure-based drug discovery,” the prospectus says. He co-founded the company with Schrodinger, “a pioneering company in computational physics-based drug design,” according to the prospectus.

Structure Therapeutics has not generated any revenue, according to the prospectus. The company reported a net loss of $52.7 million on no revenue for the last 12 months.

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on’s website.)

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