Johnson & Johnson-backed Rapport Therapeutics secures USD 154 million in US IPO
London: Rapport Therapeutics,, backed by the venture capital arm of Johnson & Johnson has said that the Company has secured $154 million in its initial public offering (IPO) in the United States at a valuation of approximately $601.4 million.
The company intends to sell 8 million shares at $17 each, priced at the midpoint of its anticipated price range of $16-$18 apiece.
Rapport develops small molecule medicines for patients suffering from central nervous system disorders.
The Boston, Massachusetts-based company was formed in February 2022 with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC.
Initially named Precision Neuroscience NewCo, Rapport has said that it plans to use a portion of the IPO proceeds to advance the clinical development of its lead product candidate, RAP-219, for the treatment of focal epilepsy.
The IPO shows that the U.S. IPO market has made a strong comeback after two dismal years.
Companies have raised more than $15 billion this year via IPOs on U.S. exchanges, according to Dealogic, up sharply from about $9.1 billion at this point last year, the data shows.
Goldman Sachs, Jefferies, TD Cowen and Stifel are the underwriters for the offering.
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