Re­lay reaps $400M IPO wind­fall af­ter draw­ing the cur­tain on mo­tion-based drug de­sign pipeline

A red-hot ven­ture mar­ket back in 2018 pro­pelled Re­lay Ther­a­peu­tics to a whop­ping $400 mil­lion crossover round. And now, the biotech is rid­ing on a red-hot IPO mar­ket to a pub­lic de­but that brought in the same ex­act amount.

The $400 mil­lion raise breaks down to 20 mil­lion shares sold at $20 each — above even the amend­ed pro­posed range of $16 to $18.

It’s al­so dou­ble what Re­lay had pen­ciled in with the ini­tial S-1 fil­ing, in yet an­oth­er il­lus­tra­tion that those fig­ures are of­ten noth­ing more than a place­hold­er these days.

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