Nov 5 (Reuters) – Drug developer Rezera launched its US initial public offering roadshow on Thursday, adding to a rush of biotech firms that have tapped the fall IPO window.
The Boston, Massachusetts-based company is seeking up to $216.7 million by offering 16.7 million shares priced between $11 and $13 apiece.
Biotechs have been pushing ahead with their listing plans in an otherwise lackluster fall IPO window this year, as investor sentiment towards the industry is still riding high.
Aspen Neuroscience and Bambusa Therapeutics went public in New York last week. Swiss drug developer Windward Bio also filed for a New York IPO last month.
Cash-strapped Rezera is developing a portfolio of drugs to address inflammatory drivers of cardiovascular and neurologic diseases.
Its lead experimental product candidate, ruvonoflast, recently completed its mid-stage trials and is entering late-stage development.
Drugmaker GSK is set to buy up to $25 million of shares from the offering. At the top of the marketed range, Rezera would fetch a $270 million valuation.
Earlier this month, Rezera struck a right of first negotiation and a clinical advisory board agreement with GSK, subject to the drugmaker investing at least $25 million in the IPO.
The agreement gives GSK right of first negotiation over delivery of certain late-stage trial data, a sale of ruvonoflast and a change of control of Rezera.
Since its inception in 2016, Rezera has raised roughly $200 million in equity financing from investors, including Blue Owl Capital, Epidarex Capital, Novo Holdings A/S, and Sofinnova Partners.
Rezera had $3.9 million in cash and cash equivalents as of June 30, which is expected to support operations into January 2027.
Jefferies, TD Cowen, and Cantor are joint bookrunners, while Wedbush PacGrow is serving as the lead manager.
Rezera will list on the Nasdaq under the symbol “RZRA.”
(Reporting by Arasu Kannagi Basil and Pragyan Kalita in Bengaluru; Editing by Shinjini Ganguli)
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