Structure Therapeutics Announces Closing of Upsized Initial Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional American Depositary Shares

Rhea-AI Summary

Structure Therapeutics Inc. (NASDAQ: GPCR) has successfully closed its upsized initial public offering (IPO) of 12,351,000 American depositary shares (ADSs) at a price of $15.00 per ADS, generating approximately $185.3 million before expenses. This offering included the full exercise of underwriters' options to purchase an additional 1,611,000 ADSs. The shares commenced trading on Nasdaq on February 3, 2023. Jefferies, SVB Securities, Guggenheim Securities, and BMO Capital Markets served as joint book-running managers for the offering. Structure Therapeutics focuses on developing novel oral small molecule therapeutics for metabolic and pulmonary diseases targeting the GPCR family.

Positive

• Raised approximately $185.3 million from IPO, enhancing liquidity for business expansion.
• Successful upsizing of IPO indicates strong investor interest and confidence in the company.

Negative

• Share dilution as a result of the IPO could negatively impact existing shareholders' equity.

SAN FRANCISCO and SHANGHAI, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Structure Therapeutics Inc. (NASDAQ: GPCR), a clinical-stage global biopharmaceutical company developing novel oral small molecule therapeutics for metabolic and pulmonary diseases, today announced the closing of its previously announced upsized initial public offering of 12,351,000 American depositary shares (ADSs), each representing three ordinary shares, including the full exercise of the underwriters’ option to purchase up to 1,611,000 additional ADSs, at a public offering price of $15.00 per ADS. The aggregate gross proceeds to Structure Therapeutics from the offering were approximately $185.3 million before deducting underwriting discounts and commissions and offering expenses. All of the ADSs were offered by Structure Therapeutics. The shares began trading on the Nasdaq Global Market on February 3, 2023 under the ticker symbol “GPCR.”

Jefferies, SVB Securities, Guggenheim Securities, and BMO Capital Markets acted as joint book-running managers for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on February 2, 2023. The offering was made only by means of a written prospectus. A copy of the final prospectus relating to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com; SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, telephone: (800) 808-7525, ext. 6105, email: syndicate@svbsecurities.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, telephone: (212) 518-9544, email: GSEquityProspectusDelivery@guggenheimpartners.com; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42^nd Street, 32nd Floor New York, NY 10036, telephone: (800) 414-3627, email: bmoprospectus@bmo.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 Structure Therapeutics
Structure Therapeutics is a clinical-stage global biopharmaceutical company discovering and developing novel oral therapeutics to treat chronic metabolic and pulmonary diseases with unmet medical needs. By leveraging its next generation structure-based drug discovery platform, the company has built a pipeline including two clinical-stage small molecule compounds designed to overcome the limitations of biologics and peptide therapies. The company is currently focused on the GPCR family of drug targets.

Contacts:

Investor Relations:
Jun Yoon, Chief Financial Officer
Structure Therapeutics Inc.
ir@structuretx.com

FAQ

What is the recent IPO date for Structure Therapeutics (GPCR)?

Structure Therapeutics commenced trading on Nasdaq under the ticker symbol GPCR on February 3, 2023.

How much capital did Structure Therapeutics raise in its IPO?

Structure Therapeutics raised approximately $185.3 million from its IPO.

What type of shares were offered in the Structure Therapeutics IPO?

The IPO included 12,351,000 American depositary shares (ADSs), each representing three ordinary shares.

Who managed the IPO of Structure Therapeutics (GPCR)?

Jefferies, SVB Securities, Guggenheim Securities, and BMO Capital Markets acted as joint book-running managers for the IPO.

What are the intended uses of the IPO proceeds for Structure Therapeutics?

While the specific uses of proceeds were not detailed in the press release, the funding is likely aimed at supporting the development of therapeutics for metabolic and pulmonary diseases.