PMV Pharma Announces Pricing of Initial Public Offering

Rhea-AI Summary

PMV Pharmaceuticals has announced the pricing of its initial public offering (IPO) of 11,765,000 shares at $18.00 per share, aiming to raise approximately $211.8 million before expenses. The IPO is set to begin trading on the Nasdaq under the ticker symbol PMVP on September 25, 2020, with the offering expected to close on September 29, 2020. The underwriters have a 30-day option to purchase an additional 1,764,750 shares at the IPO price. Key financial firms are managing the offering, and a registration statement has been filed with the SEC.

Positive

• IPO pricing at $18.00 per share could attract investor interest.
• Expected gross proceeds of approximately $211.8 million may enhance funding for development.
• The company specializes in a promising area of oncology, targeting p53 mutations, which affects a significant portion of cancer patients.

Negative

• Potential dilution if the underwriters exercise their option to purchase additional shares.
• Market reactions to IPOs can be unpredictable, impacting share price volatility.

CRANBURY, N.J., Sept. 24, 2020 (GLOBE NEWSWIRE) -- PMV Pharmaceuticals, Inc., a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutations, today announced the pricing of its initial public offering of 11,765,000 shares of common stock at a public offering price of $18.00 per share. PMV Pharma’s common stock is expected to begin trading on the Nasdaq Global Select Market on September 25, 2020 under the ticker symbol “PMVP.”

The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by PMV Pharma, are expected to be approximately $211.8 million. The offering is expected to close on September 29, 2020, subject to the satisfaction of customary closing conditions. In addition, PMV Pharma has granted the underwriters a 30-day option to purchase up to an additional 1,764,750 shares of common stock at the initial public offering price less the underwriting discounts and commissions.

Goldman Sachs & Co. LLC, BofA Securities, Cowen and Evercore ISI are acting as joint book-running managers for the offering.

A registration statement relating to the shares being sold in the offering was filed with the United States Securities and Exchange Commission and became effective on September 24, 2020. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus, when available, may be obtained for free from the offices of Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by email at Prospectus-ny@ny.email.gs.com; BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255, or by email at dg.prospectus_requests@bofa.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at 1-833-297-2926, or by email at PostSaleManualRequests@broadridge.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at 1-888-474-0200, or by email at ecm.prospectus@evercore.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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 PMV Pharma

PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutations. p53 mutations are found in approximately half of all cancers. The field of p53 biology was established by our co-founder Dr. Arnold Levine when he discovered the p53 protein in 1979. Bringing together leaders in the field to utilize over four decades of p53 biology, PMV Pharma combines unique biological understanding with pharmaceutical development focus.  PMV Pharma is headquartered in Cranbury, New Jersey.

Contact

For Investors:

Winston Kung
Chief Financial Officer
investors@pmvpharma.com

For Media:

Mariann Caprino
mcaprino@pmvpharma.com
(917) 242-1087 mobile

FAQ

What is the IPO price for PMVP?

The IPO price for PMVP Pharmaceuticals is set at $18.00 per share.

When does PMVP start trading on Nasdaq?

PMVP is expected to start trading on Nasdaq on September 25, 2020.

How much capital does PMVP aim to raise from its IPO?

PMVP aims to raise approximately $211.8 million from its IPO before expenses.

What is the ticker symbol for PMV Pharmaceuticals?

The ticker symbol for PMV Pharmaceuticals is PMVP.

What is the purpose of PMVP's IPO?

The IPO aims to secure funding for the development of small molecule therapies targeting p53 mutations in cancer.