Structure Therapeutics, a Phase 1 biotech developing G-protein-coupled receptors for chronic diseases, raised $161 million by offering 10.7 million ADSs at $15, the high end of the range of $13 to $15. The company offered 1.8 million more ADSs than anticipated.
Headquartered in California with R&D operations in China, Structure Therapeutics aims to develop and deliver novel oral therapeutics for a wide range of chronic diseases with unmet medical needs. Its initial focus is on G-protein-coupled receptors (GPCRs), which regulate numerous physiological and pathological processes. The company's lead candidate, GSBR-1290, is an oral small molecule agonist of GLP-1R, a validated GPCR drug target for type-2 diabetes mellitus and obesity. Structure Therapeutics completed a Phase 1 single ascending dose study of GSBR-1290 in September 2022, and initiated a Phase 1b multiple ascending dose study in January 2023. The company expects to initiate a Phase 2a proof-of-concept study in the 2H23.
Structure Therapeutics plans to list on the Nasdaq under the symbol GPCR. Jefferies, SVB Leerink, Guggenheim Securities, and BMO Capital Markets acted as joint bookrunners on the deal.
