Rapport makes it through shrinking IPO window with $136M raise

07 Jun 2024
firstwordpharma.com
IPOPhase 2
Rapport Therapeutics priced its IPO late Thursday in-line with the midpoint of its proposed offering, making it only the second biotech to go public so far this quarter as it draws to a close.
The neuromedicines company sold 8 million shares at $17 a piece, raising $136 million. Rapport aims to bring the total fundraise to $154 million through a concurrent private sale of 1 million shares at the same price, which is expected to raise $8 million and $10 million, respectively, from Sofinnova and Goldman Sachs affiliates.
After a rollercoaster year for public markets, which opened with a bang and have since seen dwindling enthusiasm, the biotech currently seems to be bucking the trend of poor post-IPO market performance, as its shares were up about 7% during midday trading on Friday. For more, see Vital Signs: Taking the temperature on a cooling IPO cycle.
Rapport may find success on the public markets due to the huge investor interest it garnered last year – when it raised $250 million between two venture financings – as well as its focus on central nervous system disorders. For more analysis on the disease space, see Spotlight On: Neuropsychiatry startups take centre stage.
With backing from Johnson & Johnson’s venture arm, the biotech is developing a pair of AMPA receptor negative allosteric modulators that selectively target TARPγ8 in the hippocampus. The lead programme, RAP-219, is slated to start Phase II testing this year for drug-resistant focal epilepsy and peripheral neuropathic pain.
Close on Rapport’s heels, however, is Australian radiopharmaceutical developer Telix, which has its sights set on a $200 million NASDAQ debut.
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