Karuna Therapeutics, a Phase 2 biotech developing therapies for schizophrenia and other CNS disorders, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $70 million by offering 4.4 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, Karuna Therapeutics would command a fully diluted market value of $377 million.
Karuna Therapeutics was founded in 2009 and it plans to list on the Nasdaq under the symbol KRTX. Goldman Sachs, Citi and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 24, 2019.
