Written by Allison DeAngelis
Local startups iTeos Therapeutics and Inozyme Pharma took advantage of the healthy biotech investment market Friday and raised a combined $310 million in their initial public offerings.
Cambridge’s iTeos Therapeutics (Nasdaq: ITOS) raised $201 million by selling just shy of 10.6 million shares at $19 apiece. It had originally planned to fall somewhere in the per-share price range of $16 to $18.
Boston’s Inozyme Pharma (Nasdaq: INZY), meanwhile, sold seven million shares at $16 apiece — the top of its pricing range.
The stock market launches added to local investment firm RA Capital Management’s banner year. The Boston-based investor owned a 13% stake in iTeos and 9% stake in Inozyme, according to SEC filings. RA Capital has also seen its investment in once-struggling vaccine firm Novavax (Nasdaq: NVAX) boom during the Covid-19 pandemic and raised $118 million when its blank check company Therapeutics Acquisition Corp. (Nasdaq: TXAC) went public at the beginning of the month.
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