Mineralys Therapeutics, a Phase 2 biotech developing an in-licensed therapy for cardiorenal disorders, raised $192 million by offering 12 million shares at $16, the high end of the range of $14 to $16. The company, which originally planned to offer 10 million shares, raised 28% more in proceeds than anticipated.
Mineralys' sole candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor (ASI) licensed from Mitsubishi Tanabe that is initially being developed for uncontrolled hypertension. Close competitor and 2022 IPO CinCor (CINC) recently agreed to be acquired by AstraZeneca.
The Radnor, PA-based company plans to list on the Nasdaq under the symbol MLYS. BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse, and Wells Fargo Securities acted as joint bookrunners on the deal.
