Renaissance Capital logo

Solid tumor biotech Relay Therapeutics increases proposed deal size by 48% ahead of $370 million IPO

July 15, 2020

Relay Therapeutics, a Phase 1 biotech developing precision small molecule therapies for solid tumors, raised the proposed deal size for its upcoming IPO on Wednesday.

The Cambridge, MA-based company now plans to raise $370 million by offering 20 million shares at a price range of $18 to $19. The company had previously filed to offer 14.7 million shares at a range of $16 to $18. At the midpoint of the revised range, Relay Therapeutics will raise 48% more in proceeds than previously anticipated to command a fully diluted market value of $1.7 billion.

Relay Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol RLAY. J.P. Morgan, Goldman Sachs, Cowen, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.