Neumora Therapeutics, a clinical-stage biopharmaceutical company specializing in brain diseases, has announced its plan to launch an initial public offering (IPO) to raise capital. Backed by Amgen, the company intends to sell 14.7 million shares at a price range of $16 to $18 per share.
At the midpoint of $17 per share, Neumora expects to generate approximately $227.5 million in net proceeds from the IPO. If the underwriters exercise their option to buy an additional 2.21 million shares, the total could reach about $262.3 million.
The funds raised, coupled with the company’s existing resources, are projected to cover Neumora’s working capital and capital spending needs for the next 30 months. This financial stability will enable them to continue their research and development efforts focused on brain diseases.
Following the IPO, Neumora will have roughly 154.2 million shares outstanding, assuming the overallotment option is exercised. Based on the $17 per share midpoint, the company’s market capitalization would exceed $2.6 billion.
Amgen, a biotechnology company based in Thousand Oaks, California, currently holds a 24.4% stake in Neumora. The clinical-stage company has already applied to list its shares on the Nasdaq Global Market using the ticker symbol NMRA.