From Renaissance Capital
Crinetics Pharmaceuticals, a clinical stage biotech developing oral therapies for rare endocrine diseases, raised $102 million by offering 6 million shares at $17, the high end of the $15 to $17 range. The company had originally planned to raise $80 million by selling 5 million shares at $16. Insiders intended to purchase $30 million (29% of deal size) of the IPO. At pricing, Crinetics commands a fully diluted market value of $421 million and an enterprise value of $256 million. Crinetics Pharmaceuticals plans to list on the Nasdaq under the symbol CRNX. J.P. Morgan, Leerink Partners and Piper Jaffray acted as lead managers on the deal.
The article Rare endocrine disease biotech Crinetics Pharmaceuticals prices upsized IPO at $17 high end originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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