Turning Point Therapeutics, an early stage biotech developing tyrosine kinase inhibitors for treating cancer, raised the proposed offer size for its upcoming IPO on Tuesday.
The San Diego, CA-based company now plans to raise $150 million by offering 8.8 million shares at a price range of $16 to $18. Insiders intend to purchase $50 million worth of shares in the offering (33% of the deal). The company had previously filed to offer 7.4 million shares at the same range. At the midpoint of the range, Turning Point Therapeutics will raise 20% more in proceeds than previously anticipated and command a fully diluted market cap of $549 million.
Turning Point Therapeutics was founded in 2013 and plans to list on the Nasdaq under the symbol TPTX. Goldman Sachs, SVB Leerink and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 15, 2019.
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