Aug. 7 at 8:49 PM
Latigo Biotherapeutics rose Friday after the clinical-stage biopharmaceutical company raised
$345.6 million in an upsized IPO priced at the top of its marketed range.
The Thousand Oaks, California-based company sold 19.2 million shares at
$18 each, above its initial offering of 16 million shares at
$16-
$18. Shares opened at
$21 on Nasdaq Global Select Market, giving Latigo an estimated market capitalization of about
$1.3 billion based on its reported shares outstanding.
Latigo develops non-opioid pain treatments designed to block pain transmission without addiction risk. Its lead candidate, LTG-001, is an oral Nav1.8 inhibitor intended to provide rapid relief while reducing reliance on opioids for acute pain.
Goldman Sachs, Jefferies, Leerink Partners and Guggenheim Securities served as joint bookrunners. Underwriters have a 30-day option to purchase up to 2.88 million additional shares at the IPO price, less discounts and commissions.
$GS $JEF