Shares of Turning Point Therapeutics (TPTX), a San Diego-based developer of targeted cancer drugs, soared 57% following the company’s initial public offering on Wednesday. Investors would do well to keep an eye on the firm, which could follow in the footsteps of companies such as Ignyta (sold to Roche for $1.7 billion in 2017) and Loxo Oncology (bought by Eli Lilly for $8 billion earlier this year).

Turning Point sold 9.25 million shares at a price of $18, the top of its pricing range, raising $166.5 million before underwriter discounts and commissions. The deal already valued the company at about $600 million before the stock popped to as high as $27 per share.

Unlock this article by subscribing to STAT Plus and enjoy your first 30 days free!

GET STARTED

What is it?

STAT Plus is a premium subscription that delivers daily market-moving biopharma coverage and in-depth science reporting from a team with decades of industry experience.

What's included?

  • Authoritative biopharma coverage and analysis, interviews with industry pioneers, policy analysis, and first looks at cutting edge laboratories and early stage research
  • Subscriber-only networking events and panel discussions across the country
  • Monthly subscriber-only live chats with our reporters and experts in the field
  • Discounted tickets to industry events and early-bird access to industry reports

Leave a Comment

Please enter your name.
Please enter a comment.

Sign up for our Daily Recap newsletter

A roundup of STAT’s top stories of the day in science and medicine

Privacy Policy