((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
Rapport Therapeutics said Thursday it raised $136 million in its U.S. IPO, worth about $601.4 million.
The company said it plans to sell 8 million shares at $17 each, in the middle of its stated price range of $16-$18.
Rapport, backed by the venture capital arm of Johnson & Johnson JNJ.N , is developing small-molecule drugs for patients with central nervous system disorders.
The company, based in Boston, Massachusetts, was formed in February 2022 with support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC.
Originally named Precision Neuroscience NewCo, Rapport said it plans to use a portion of the proceeds from the IPO to advance the clinical development of its lead product candidate, RAP-219, for the treatment of focal epilepsy .
The IPO shows that the U.S. IPO market has made a strong comeback after two sluggish years.
According to Dealogic, companies have raised more than $15 billion this year through IPOs on U.S. markets, a sharp increase from the $9.1 billion raised last year at the same period.
Rapport’s shares are expected to begin trading on Nasdaq on June 7 under the symbol “RAPP.”
Goldman Sachs, Jefferies, TD Cowen and Stifel are the underwriters of the offering.
