Sage Therapeutics, which is developing treatments for life-threatening epileptic seizures, raised the proposed deal size for its upcoming IPO on Thursday. The Cambridge, MA-based company now plans to raise $88 million by offering 5 million shares at a price range of $17 to $18. The company had previously filed to offer 4 million shares at a range of $14 to $16.
At the midpoint of the revised range, Sage Therapeutics will raise 46% greater proceeds than previously anticipated at a market cap of $463 million, up 21% from its prior $382 million market cap.
Sage Therapeutics, which was founded in 2010, plans to list on the NASDAQ under the symbol SAGE. J.P. Morgan and Goldman Sachs are the joint bookrunners on the deal. It is expected to price tonight, July 17, 2014.
