Verastem (VSTM) IPO Trades Higher
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The IPO for Verastem, Inc. (Nasdaq: VSTM) is open for trading. Shares are trading at $11.16 after pricing 5,500,000 shares of its common stock at $10.00 per share, the middle of the expected $9-$11 range. The size was raised from 4,500,000 shares.
UBS Investment Bank and Leerink Swann LLC are acting as joint book-running managers for the offering. Lazard Capital Markets LLC, Oppenheimer & Co. Inc. and Rodman & Renshaw, LLC are acting as co-managers for the offering.
Verastem is a biopharmaceutical company focused on discovering and developing proprietary small molecule drugs targeting cancer stem cells along with proprietary companion diagnostics.
Verastem most advanced product candidates are VS-507, VS-4718 and VS-5095. They are currently evaluating VS-507, VS-4718 and VS-5095 in preclinical studies as potential therapies for breast and other cancers. The company believe that these compounds may be especially beneficial as therapeutics in aggressive cancers with a high percentage of CSCs, such as triple negative breast cancer, or TNBC. TNBC is a type of breast cancer in which a high percentage of CSCs has been identified and that has a poorer prognosis and lower overall survival rate than other types of breast cancer. They also are currently evaluating additional proprietary product candidates in preclinical studies for their use in breast and other cancers.
There is expected to be 19,234,116 shares outstanding after the offering, giving the company a market cap of $213 million based on the current price.
UBS Investment Bank and Leerink Swann LLC are acting as joint book-running managers for the offering. Lazard Capital Markets LLC, Oppenheimer & Co. Inc. and Rodman & Renshaw, LLC are acting as co-managers for the offering.
Verastem is a biopharmaceutical company focused on discovering and developing proprietary small molecule drugs targeting cancer stem cells along with proprietary companion diagnostics.
Verastem most advanced product candidates are VS-507, VS-4718 and VS-5095. They are currently evaluating VS-507, VS-4718 and VS-5095 in preclinical studies as potential therapies for breast and other cancers. The company believe that these compounds may be especially beneficial as therapeutics in aggressive cancers with a high percentage of CSCs, such as triple negative breast cancer, or TNBC. TNBC is a type of breast cancer in which a high percentage of CSCs has been identified and that has a poorer prognosis and lower overall survival rate than other types of breast cancer. They also are currently evaluating additional proprietary product candidates in preclinical studies for their use in breast and other cancers.
There is expected to be 19,234,116 shares outstanding after the offering, giving the company a market cap of $213 million based on the current price.
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