Policy & Regulation
Turning Point Therapeutics Prices US Initial Public Offering
22 April 2019 - - US-based precision oncology company Turning Point Therapeutics, Inc. (NASDAQ: TPTX) has priced its initial public offering of 9.25m shares of its common stock at a price to the public of USD 18.00 per share, the company said.

The gross proceeds to Turning Point Therapeutics from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be USD 166.5m.

The shares began trading on the NASDAQ Global Market on 17 April under the symbol "TPTX." The offering is expected to close on 22 April 2019, subject to satisfaction of customary closing conditions.

In addition, Turning Point Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1.3875m shares of common stock at the initial public offering price less underwriting discounts and commissions.

Goldman Sachs and Co. LLC and SVB Leerink are acting as joint book-running managers for the offering. Wells Fargo Securities is also serving as a joint book-running manager.

Canaccord Genuity is acting as lead manager.

The offering is being made only by means of a prospectus.

Turning Point Therapeutics is a clinical-stage precision oncology company with a pipeline of internally discovered investigational drugs designed to address key limitations of existing cancer therapies.

The company's lead programme, repotrectinib, is a next-generation kinase inhibitor targeting genetic drivers of non-small cell lung cancer and advanced solid tumors.

Repotrectinib has shown antitumor activity and durable responses among kinase inhibitor treatment-naïve and pre-treated patients, and is planned to enter a registrational Phase 2 study in the second half of 2019.

Turning Point's kinase inhibitors are designed to bind to their targets with greater precision and affinity than existing therapies, with a novel, compact structure that has demonstrated an ability to potentially overcome treatment resistance common with other kinase inhibitors.

The company is driven to develop therapies that mark a turning point for patients in their cancer treatment.