Crinetics Pharmaceuticals, a clinical stage biotech developing oral therapies for rare endocrine diseases, raised $102 million by offering 6 million shares at $17, the high end of the $15 to $17 range. The company had originally planned to raise $80 million by selling 5 million shares at $16. Insiders intended to purchase $30 million (29% of deal size) of the IPO. At pricing, Crinetics commands a fully diluted market value of $421 million and an enterprise value of $256 million. Crinetics Pharmaceuticals plans to list on the Nasdaq under the symbol CRNX. J.P. Morgan, Leerink Partners and Piper Jaffray acted as lead managers on the deal.
