Boom time: Rubius, Crinetics find big support in upsized IPOs totaling $343M raise
Thought Rubius Therapeutics was ambitious when it set terms for a $200 million IPO? Well, think again.
The Cambridge, MA-based biotech has just bagged $241 million by offering 10.5 million shares at $23, both figures above the original plan of 9.53 million shares between $20 and $22 each. That brings Rubius’ market cap to $2 billion — built solely upon its preclinical assets.
Joining Rubius in celebrating a bigger-than-expected Nasdaq debut is Crinetics Pharma, the team of endocrine experts which nabbed $63.5 million to support its nascent clinical work just weeks ago. Instead of raising $80 million, they bagged $102 million by selling 6 million shares at $17 each, a million more shares than originally intended sold at the high end of the range.
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