Whoosh! Structure Therapeutics, Inc. (GPCR proposed) disclosed terms for its $125.3 million IPO early today (Monday, Jan. 30, 2023) and jumped onto the IPO Calendar. This deal – the first big biotech IPO of the year – is scheduled to price Thursday night (Feb. 2, 2023) to trade Friday (Feb. 3, 2023) on the NASDAQ. In terms of the number of shares, the IPO’s size is fairly modest: 8.95 million American Depositary Shares (ADS) at $13.00 to $15.00. Jefferies, SVB Leerink, Guggenheim Securities and BMO Capital Markets are the joint book-runners.
Structure Therapeutics is a Cayman Islands-incorporated company with a South San Francisco address. The clinical biopharmaceutical company’s initial focus is on G-protein-coupled receptors, or GPCRs, as a therapeutic target class. Its proposed stock symbol – GPCR – matches its therapeutic focus. The company is developing GSBR-1290, its oral small molecule product candidate, to treat Type 2 diabetes (adult onset diabetes mellitus) and obesity.
The company began a Phase 1b multiple ascending dose (MAD) study of GSBR-1290, its leading drug candidate, in Type 2 diabetes mellitus (T2DM) and obesity in January. It plans to submit a protocol amendment to the FDA to transition to a Phase 2a proof-of-concept study in T2DM and obesity with expected initiation in the second half of 2023. Structure Therapeutics expects to report topline data for the Phase 1b study and the Phase 2a study in the second half of 2023, the prospectus says.
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