Relay Therapeutics Announces Pricing of Initial Public Offering

Rhea-AI Summary

Relay Therapeutics priced its initial public offering of 20 million shares at $20.00 each, aiming for gross proceeds of $400 million. The offering is set to close on July 20, 2020, pending customary conditions. J.P. Morgan, Goldman Sachs, Cowen, and Guggenheim Securities serve as joint book-running managers. Trading is scheduled to commence on July 16, 2020, on Nasdaq under the symbol 'RLAY'. The company's innovative approach focuses on precision medicine and the dynamics of protein motion, targeting previously difficult protein drug targets in oncology.

Positive

• Initial public offering priced at $20.00 per share, raising $400 million.
• Strong backing from reputable underwriters, indicating market confidence.

Negative

• Potential dilution of shares due to the offering of 20 million shares.
• Market reactions to IPO prices can be volatile, affecting initial trading performance.

CAMBRIDGE, Mass., July 15, 2020 (GLOBE NEWSWIRE) -- Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by leveraging unparalleled insights into protein motion, today announced the pricing of its initial public offering of 20,000,000 shares of its common stock at a price to the public of $20.00 per share. All of the shares are being offered by Relay Therapeutics. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Relay Therapeutics, are expected to be $400.0 million. In addition, the underwriters have a 30-day option to purchase up to 3,000,000 additional shares of common stock at the initial public offering price less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Market on July 16, 2020 under the symbol “RLAY.” The offering is expected to close on July 20, 2020, subject to the satisfaction of customary closing conditions.

J.P. Morgan, Goldman Sachs & Co. LLC, Cowen, and Guggenheim Securities are acting as joint book-running managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 15, 2020. The offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, telephone: 631-274-2806 and Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-5548, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

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

About Relay Therapeutics

Relay Therapeutics (Nasdaq: RLAY) is a clinical-stage precision medicines company transforming the drug discovery process with the goal of bringing life-changing therapies to patients. Built on unparalleled insights into protein motion and how this dynamic behavior relates to protein function, Relay Therapeutics aims to effectively drug protein targets that have previously been intractable, with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology. The Company’s Dynamo platform integrates an array of leading-edge experimental and computational approaches to provide a differentiated understanding of protein structure and motion to drug these targets.

Contact

Investors:
Pete Rahmer, Head of Investor Relations
prahmer@relaytx.com

Media:
Dan Budwick
1AB Media
973-271-6085
dan@1abmedia.com

 

FAQ

What is Relay Therapeutics' initial public offering (IPO) date?

The IPO is set to begin trading on July 16, 2020.

What is the pricing of Relay Therapeutics' IPO?

The shares are priced at $20.00 each, with a total offering of 20 million shares.

How much capital is Relay Therapeutics expecting to raise from the IPO?

Relay Therapeutics expects to raise $400 million from the offering.

Who are the underwriters for the Relay Therapeutics IPO?

The underwriters include J.P. Morgan, Goldman Sachs, Cowen, and Guggenheim Securities.

What is the ticker symbol for Relay Therapeutics on Nasdaq?

The ticker symbol is 'RLAY'.