resTORbio, Inc., a Boston, MA-based clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for the treatment of aging-related diseases, announced the pricing of its initial public offering of 5,666,667 shares of common stock at a public offering price of $15.00 per share.
In addition, resTORbio has granted the underwriters a 30-day option to purchase up to 850,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $85 million, excluding any exercise of the underwriters’ option to purchase additional shares.
The shares began trading on the Nasdaq Global Select Market under the ticker symbol “TORC” on Friday, January 26, 2018.
The offering is expected to close on January 30, 2018, subject to customary closing conditions.
BofA Merrill Lynch, Leerink Partners, and Evercore ISI are serving as joint book-running managers for the proposed offering while Wedbush PacGrow is acting as a co-manager.
resTORbio’s lead program focuses on selective inhibition of the target of rapamycin complex 1 (TORC1) pathway to treat aging-related diseases with an initial focus on diseases caused by immunosenescence, the decline in immune function that occurs during aging.