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Radiopharmaceutical biotech RayzeBio prices upsized IPO at $18, the high end of the range

September 15, 2023
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RayzeBio, a Phase 3 biotech developing radiopharmaceutical therapies for cancer, raised $311 million by offering 17.3 million shares (7% secondary) at $18, the high end of the range of $16 to $18. The company offered 2.9 million more shares than anticipated.

RayzeBio's lead candidate, RYZ101, is designed to deliver a highly potent alpha particle radioisotope, Actinium 225 (Ac225) to tumors overexpressing somatostatin receptor type 2 (SSTR2). The company is enrolling in a registrational Phase 3 trial of RYZ101 for the treatment of gasteroenteropancreatic neuroendocrine tumors in patients who have experienced progression of their cancer following treatment with another radiotherapy. RYZ101 is also being studied in an ongoing Phase 1b trial for patients with extensive stage small cell lung cancer.

RayzeBio plans to list on the Nasdaq under the symbol RYZB. J.P. Morgan, Jefferies, Evercore ISI, and Truist Securities acted as joint bookrunners on the deal.