Morphic Holding Sets IPO at 5 Million Shares; Sees Pricing at $14-$16 Apiece

By Colin Kellaher

Morphic Holding Inc., a biopharmaceutical company backed by several large drug makers, on Friday said it will sell five million shares in its initial public offering, with an expected price range of $14 to $16 each.

At the $15 midpoint of that range, the Waltham, Mass., company said it expects net proceeds of about $67 million, or roughly $77.4 million if the underwriters exercise their option to buy an additional 750,000 shares.

Morphic said it will have about 29.3 million shares outstanding after the IPO and overallotment option, for a valuation of about $440.2 million at the $15 midpoint.

Morphic, which is working to develop oral small-molecule integrin therapeutics aimed at a range of diseases, said it has raised $248 million through equity financings and collaborations since its inception.

Biotech entrepreneur Timothy Springer, a co-founder of Morphic, will hold an 18.1% stake after the IPO, while GlaxoSmithKline PLC (GSK) will own 8%, Pfizer Inc. (PFE) will hold 7.7% and Novo Nordisk A/S (NVO) will own 6.9%, according to a filing with the Securities and Exchange Commission.

Morphic said it has applied to list its shares on the Nasdaq Global Market under the symbol MORF.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

June 14, 2019 07:49 ET (11:49 GMT)

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