Monte Rosa Therapeutics Announces Pricing of Initial Public Offering

Rhea-AI Summary

Monte Rosa Therapeutics (NASDAQ: GLUE) has priced its initial public offering (IPO) of 11,700,000 shares of common stock at $19.00 per share, aiming for gross proceeds of approximately $222.3 million before expenses. The shares will begin trading on the Nasdaq Global Select Market on June 24, 2021, with the offering expected to close on June 28, 2021, subject to customary conditions. The underwriters have an option to purchase an additional 1,755,000 shares.

Positive

• Successful pricing of IPO at $19.00 per share, indicating strong market interest.
• Expected gross proceeds of approximately $222.3 million which can be used for further development of their precision medicine portfolio.

Negative

• Potential dilution of existing shares if underwriters exercise their option to purchase additional shares.

BOSTON, June 23, 2021 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (NASDAQ: GLUE), a biotechnology company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically relevant proteins, today announced the pricing of its initial public offering of 11,700,000 shares of common stock at a public offering price of $19.00 per share. All of the shares are being offered by Monte Rosa. The shares are expected to begin trading on the Nasdaq Global Select Market on June 24, 2021 under the ticker symbol “GLUE.” The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Monte Rosa, are expected to be approximately $222.3 million. The offering is expected to close on June 28, 2021, subject to the satisfaction of customary closing conditions. In addition, Monte Rosa has granted the underwriters a 30-day option to purchase up to an additional 1,755,000 shares of common stock at the initial public offering price.

J.P. Morgan Securities LLC, Cowen, Piper Sandler and Guggenheim Securities, LLC are acting as joint book-running managers for the offering.

A registration statement relating to these securities became effective on June 23, 2021. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at (866) 803-9204, or via email at prospectus-eq_fi@jpmchase.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone: (800) 747-3924, or via email: prospectus@psc.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-5548, or by email at gsequityprospectusdelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Monte Rosa

Monte Rosa Therapeutics is a biotechnology company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically relevant proteins. The company has developed a proprietary protein degradation platform, called QuEEN™, that enables it to rapidly identify protein targets and molecular glue degrader, or MGD, product candidates that are designed to eliminate therapeutically relevant proteins in a highly selective manner. The company’s drug discovery platform combines diverse and proprietary chemical libraries of small molecule protein degraders with in-house proteomics, structural biology, machine learning-based target selection and computational chemistry capabilities to predict and obtain protein degradation profiles. Monte Rosa was launched from founding investor Versant Ventures’ Ridgeline Discovery Engine and is headquartered in Boston, Mass., with research operations in both Boston and Basel, Switzerland.

Contacts:

Investors
John Graziano, Solebury Trout
ir@monterosatx.com

Media
Dan Budwick, 1AB
dan@1abmedia.com

FAQ

What is the IPO price for Monte Rosa Therapeutics (GLUE)?

Monte Rosa Therapeutics priced its IPO at $19.00 per share.

When will Monte Rosa Therapeutics begin trading on the Nasdaq?

Monte Rosa Therapeutics is expected to begin trading on the Nasdaq on June 24, 2021.

How much capital is Monte Rosa Therapeutics aiming to raise through its IPO?

Monte Rosa Therapeutics aims to raise gross proceeds of approximately $222.3 million before expenses.

What is the total number of shares being offered in the Monte Rosa IPO?

Monte Rosa Therapeutics is offering a total of 11,700,000 shares in its IPO.

What options do underwriters have in relation to Monte Rosa's IPO?

Underwriters have a 30-day option to purchase up to an additional 1,755,000 shares at the initial public offering price.