医療従事者の為の最新医療ニュースや様々な情報・ツールを提供する医療総合サイト

Oak Stone Limited Says Relay Therapeutics IPO Soars In Trading Debut

2020年07月17日 PM09:33
このエントリーをはてなブックマークに追加


 

TAIPEI, Taiwan

Respected financial management company Oak Stone Limited has said that SoftBank-backed oncology drug manufacturer, Relay Therapeutics Inc., soared 75% in its trading debut after the company expanded its initial public offering to raise $400 million.

On Thursday in New York trading, Relay’s shares closed at $35.05, giving the Cambridge, Massachusetts-based company a market valuation of around $3 billion.

“Relay sold 20 million shares at $20 each, pricing them above the $18 to $19 marketed range,” said James Burnley, Head of Wealth Management at Oak Stone Limited. “The company had earlier expanded the size of the offering from 14.7 million shares and increased the target range from $16 to $18,” he added.

In a 2018 Series C funding round, Masayoshi Son’s SoftBank Vision Fund invested $300 million in Relay and owns a 41% stake in the company. An affiliate of D.E. Shaw & Co. also took part in the round, which raised a total of $400 million. Since its founding, Relay has raised a total of $520 million in private rounds.

The clinical-stage business has one drug candidate in Phase 1 trials and a second scheduled for Phase 1 trials towards the end of this year. Its more sophisticated treatment binds and stabilises the SHP2 protein to prevent the growth of cancer cells.

“Relay reported a net loss of $75 million for 2019, compared with a net loss of $49 million the year prior, this was due to its research and development expenses increasing,” said Michael Pearson, Head of Corporate Equities at Oak Stone Limited.

Relay Therapeutics offering was managed by JPMorgan Chase & Co., Goldman Sachs Group Inc., Cowen Inc. and Guggenheim Securities. The company’s shares are trading on the NASDAQ under the ticker RLAY.

According to Oak Stone Limited analysts, the market for IPOs has roared back, with tech and biotechnology offerings leading the way. Moreover, that coincides with the stock market’s recovery and hope for a V-shaped economic recovery.

Historically the IPO industry has been dominated by technology firms. That’s mainly due to the huge investments and rapid-growth nature of those companies. However, in the last year biotech and other health care companies took the lead. That comes as the amount invested in this sector continues to expand.

About Oak Stone Limited

Oak Stone Limited was established in late 2014 within the financial heart of Taipei, Taiwan. The company has since grown into a leading wealth management company in the Asia-pacific region, serving both individual clients and institutions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200717005277/en/

CONTACT

Yuan Cui, Head of Research & Analysis

yuan.cui@oakstonemanagement.com

Oak Stone Limited, 10F No. 178, Section 3, Minquan East Road,

Songshan District, Taipei City, Taiwan

Related Posts Plugin for WordPress, Blogger...

同じカテゴリーの記事 

  • サラダックス・バイオメディカル、サルバトーレ・J・サラモネ博士が権威ある C.E. Pippenger博士賞を受賞したと発表
  • Japan’s MHLW Approves PADCEV® (enfortumab vedotin) for Advanced Urothelial Cancer
  • VFMCRP announces approval for TAVNEOS® (avacopan) for the treatment of ANCA-associated vasculitis in Japan
  • TAE Life Sciences Announces Installation of First Accelerator-based Neutron Beam System for Biologically Targeted Radiation Therapy at Xiamen Humanity Hospital in China
  • New Study Evaluates the Feasibility of Using Masimo EMMA® Capnography on Mechanically Ventilated Neonates