Precision oncology company Erasca Inc. (NASDAQ: ERAS) began trading on the Nasdaq Global Select Market today under the symbol “ERAS”. The firm’s initial public offering is looking to raise US$300.0 million and is expected to close on July 20, 2021.
The offering will be conducted through the issuance of 18,750,000 common shares selling at US$16.00 per share.
The company granted a 30-day over-allotment option to purchase additional 2,812,500 common shares at the same IPO price, potentially bringing proceeds up to US$345.0 million. J.P. Morgan, Morgan Stanley, BofA Securities, Evercore ISI, and Guggenheim Securities are all acting as joint bookrunners for the said offering.
According to its profile, Erasca is a clinical-stage precision oncology company focused on therapy solutions for RAS/MAPK pathway-driven cancers. The company got its name from its mission statement to “erase cancer”.
Information for this briefing was found via Sedar and Erasca. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.