Seaport Therapeutics Inc, a spin-out of Boston, US-based PureTech Health Plc, priced an initial public offering of its shares on 1 May yielding $254.9 million. The IPO comes only two years after the company’s launch and follows positive early clinical data for its lead product SPT-300 which is an oral prodrug of a neurosteroid that plays a key role in mood regulation. The drug has progressed to Phase 2b and is being investigated as a treatment for major depressive disorder.
A total of 14,160,000 shares were on offer and were priced at $18 per share. The proceeds of $254.9 million are gross receipts before deducting underwriting discounts, commissions, and offering expenses. Seaport has granted the underwriters a 30-day option to buy additional shares at the IPO price less underwriting discounts and commissions. The bookrunning managers for the offering were Goldman Sachs & Co LLC, JP Morgan, Leerink Partners, Citigroup and Stifel Financial Corp.
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