Nuvalent IPO Raises $190M

Cambridge-based startup Nuvalent has closed its upsized initial public offering of 11,212,500 shares of common stock, at a price to the public of $17.00 per share. The gross proceeds of the offering were approximately $190.6 million, before deducting underwriting discounts and commissions and other offering expenses.

Nuvalent, which launched in January 2021, is creating precisely targeted therapies designed to overcome the limitations of existing therapies for clinically proven kinase targets for patients with cancer. Leveraging deep expertise in structure-based design, Nuvalent develops innovative small molecules with exquisite target selectivity to overcome resistance, minimize adverse events, and drive more durable responses. Nuvalent is advancing a robust pipeline with parallel lead programs in ROS1-positive and ALK-positive NSCLC, along with multiple discovery-stage research programs. (Source: Nuvalent Website, 02 August, 2021)