Crinetics Pharmaceuticals, a clinical-stage biotech developing oral therapies for rare endocrine diseases, announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $80 million by offering 5 million shares at a price range of $15 to $17. Insiders intend to purchase $30 million worth of shares in the offering. At the midpoint of the proposed range, Crinetics Pharmaceuticals would command a fully diluted market value of $380 million.
Crinetics Pharmaceuticals was founded in 2008 and plans to list on the Nasdaq under the symbol CRNX. J.P. Morgan, Leerink Partners and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of July 16, 2018.
