Cullinan Management (CGEM) IPO Doubles on Open, Trims Gains

January 8, 2021 12:45 PM EST

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Today's IPO for Cullinan Management, Inc. (NASDAQ: CGEM) opened earlier at $42 after pricing its upsized initial public offering of 11,900,000 shares of common stock at a price to the public of $21.00 per share. Shares have since moved down to $34.50.

All shares are being offered by Cullinan Management. In addition, the underwriters have a 30-day option to purchase up to an additional 1,785,000 shares of common stock at the initial public offering price less underwriting discounts and commissions.

Morgan Stanley & Co. LLC, SVB Leerink LLC, and Evercore Group LLC are acting as joint book-running managers for the offering. H.C. Wainwright & Co., LLC is acting as lead manager for the offering.

Cullinan Management is a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies with transformative potential for cancer patients. The Company’s strategy is to build a pipeline of therapeutic candidates that are uncorrelated across multiple dimensions, with a focus on assets that it believes have novel technology, employ differentiated mechanisms, are in a more advanced stage of development than competing candidates, or have a combination of these attributes.

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