Repare Therapeutics Inc., a St-Laurent, Québe based precision oncology company, has filed an amendment to its preliminary prospectus in connection with its proposed initial public offering of common shares on the NASDAQ.
Repare Therapeutics intends to issue 7,352,941 common shares at a price of between US $16-18 per share. Repare has granted the offering syndicate an option for additional 1,102,941 common shares. If priced at US $18 per share, Repare expects to raised up to US $152.21 million in gross proceeds.
Following the closing of the IPO, Repare will have 31,503,379 shares issued and outstanding or 32,606,320 shares if the underwriters exercise in full their option to
purchase additional shares. At US $18 per share, Repare would be valued at US $586.9 million.
Repare has applied to list its shares on NASDAQ under “RPTX” symbol.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Cowen and Company, LLC and Piper Sandler & Co. are acting joint book-running managers. Cooley LLP and Stikeman Elliott LLP are acting as US and Canadian legal counsel to Repare respectively. Goodwin Procter LLP actas legal counsel to the underwriters.
Repare Therapeutics Inc. is a leading precision oncology company enabled by its proprietary synthetic lethality (SL) approach to the discovery and development of novel therapeutics. The company uses proprietary, genome-wide, CRISPR-enabled SNIPRx platform to systematically discover and develop highly targeted cancer therapies focused on genomic instability, including DNA damage repair. Repare Therapeutics’ lead product candidate, RP-3500, is an oral small molecule inhibitor for the treatment of solid tumors with specific DNA damage repair-related genomic alterations. It anticipates filing an investigational new drug, or IND, application in the second quarter of 2020 and initiating an open-label Phase 1/2 clinical trial of RP-3500 in the third quarter of 2020.
Repare Therapeutics’ major investors including Versant Ventures (30.1% pre-ipo), MPM Capital (21.0%), OrbiMed (11.2%), Cowen Healthcare Investments (9.2%), Fonds de solidarité FTQ (7.5%), Redmile Group (6.8%), BVF Partners, Logos Capital, Celgene/Bristol Myers Squibb, and Amplitude Ventures.
Following the closing of IPO, Versant, MPM, OrbiMed, Cowen, Fonds de solidarité, Redmile and Bristol Myers Squibb will control approximately 67% of the then outstanding shares before the over-allotment option is exercised.
photo credit: Repare Therapeutics