Biopharmaceutical company DICE Therapeutics, Inc. (Nasdaq: DICE) started publicly trading on the Nasdaq Global Market yesterday under the symbol “DICE”. The firm’s initial public offering is looking to raise US$204.0 million and is expected to close on September 17, 2021.
The offering will be conducted through the issuance of 12.0 million common shares selling at US$17.00 per share. This is an adjustment from the company’s original plan to issue 10.0 million shares with share price expectations between US$15.00 and US$17.00.
The company granted the underwriters a 30-day over-allotment option to purchase additional 1.8 million common shares at the same IPO price, potentially bringing proceeds up to US$82.8 million. BofA Securities, SVB Leerink, and Evercore ISI are all acting as joint bookrunners for the said offering.
The California-based biotech firm is in the business of developing immunotherapies for patients with chronic diseases. Currently, the firm’s lead therapeutic candidate S011806 is an oral antagonist targeting a pro-inflammatory signaling molecule connected with a variety of immunology indications. The orally-available candidate is expected to enter its phase 1 trial in the second half of 2021.
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