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Latigo IPO raises nearly $350M for pain drug development
['Jacob Bell', 'Ben Fidler', 'Gwendolyn Wu', 'Lead Reporter']
BioPharma Dive - Latest News
Pain drugmaker Latigo Biotherapeutics went public Thursday, raising more than a third of a billion dollars to fuel its work developing new, non-opioid medicines.
The Los Angeles-area biotechnology company is selling 19.2 million shares at $18 apiece, which should result in gross proceeds of $345.6 million.
Joining Latigo on Thursday was cancer-focused BlossomHill Therapeutics, which priced almost 9.4 million shares at $16 each for gross proceeds of $150 million.
This year has seen a significant uptick in large biotech IPOs, with Latigo being the 14th to secure $250 million or more.
Eli Lilly is in this space, too, having bought pain specialist SiteOne Therapeutics in a deal worth up to $1 billion.