Fusion Pharmaceuticals, a Phase 1 biotech developing precision medicines for solid tumors, raised the proposed deal size for its upcoming IPO on Wednesday.
The Hamilton, Canada-based company now plans to raise $188 million by offering 12.5 million shares at a price range of $14 to $16. The company had previously filed to offer 8.4 million shares at a range of $14 to $16. At the midpoint of the revised range, Fusion Pharmaceuticals will raise 50% more in proceeds than previously anticipated to command a fully diluted market cap of $681 million.
Fusion Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol FUSN. Morgan Stanley, Jefferies and Cowen are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2020.
