Nurix Therapeutics Announces Pricing of $209 Million Initial Public Offering

Rhea-AI Summary

Nurix Therapeutics announced the pricing of its initial public offering of 11,000,000 shares at $19.00 per share, aiming for gross proceeds of approximately $209 million.

The shares are set to trade on The Nasdaq Global Market under the symbol NRIX starting July 24, 2020. Additionally, underwriters have a 30-day option to buy up to 1,650,000 more shares at the IPO price. The offering is expected to close by July 28, 2020, pending customary closing conditions.

Positive

• Expected gross proceeds of approximately $209 million for business development.
• Liquidity enhancement from the IPO could support future growth initiatives.

Negative

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

SAN FRANCISCO, July 23, 2020 (GLOBE NEWSWIRE) -- Nurix Therapeutics, Inc. (Nurix), a company developing targeted protein modulation drugs, today announced the pricing of its initial public offering of 11,000,000 shares of its common stock at a price to the public of $19.00 per share. All of the shares are being offered by Nurix. The shares are expected to begin trading on The Nasdaq Global Market on July 24, 2020 under the symbol “NRIX.” The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Nurix, are expected to be $209 million. In addition, Nurix has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on July 28, 2020, subject to the satisfaction of customary closing conditions.

J.P. Morgan, Piper Sandler and Stifel are acting as joint bookrunning managers for the proposed offering. Needham & Company is acting as lead manager.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and became effective on July 23, 2020. The offering is being made only by means of a prospectus. A copy of the final prospectus relating to the offering, when available, may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or via email at Prospectus-eq_fi@jpmchase.com; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or via email at prospectus@psc.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or via email at syndprospectus@stifel.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.

Investor Contact
Janhavi Mohite
Stern Investor Relations
janhavi.mohite@sternir.com

Media Contact
Sara Zelkovic
LifeSci Communications
sara@lifescicomms.com

FAQ

What is the pricing of Nurix Therapeutics' IPO?

Nurix Therapeutics priced its IPO at $19.00 per share.

How many shares is Nurix offering in its IPO?

Nurix is offering 11,000,000 shares in its IPO.

What are the expected gross proceeds from the Nurix IPO?

The expected gross proceeds from the IPO are approximately $209 million.

When will Nurix Therapeutics begin trading on Nasdaq?

Nurix Therapeutics shares are expected to begin trading on Nasdaq on July 24, 2020.

What is the stock symbol for Nurix Therapeutics?

The stock symbol for Nurix Therapeutics is NRIX.

What is the closing date for the Nurix IPO?

The closing date for the Nurix IPO is expected to be July 28, 2020.