Seaport Therapeutics (NASDAQ:SPTX), the PureTech Health (LSE:PRTC) founded clinical‑stage developer of neuropsychiatric medicines, priced an upsized initial public offering at $18 per share, delivering gross proceeds of about $254.9m before underwriting fees.
The company offered 14.16m newly issued shares and granted underwriters a 30‑day option to purchase an additional 2.12m shares.
Trading on the Nasdaq Global Select Market is expected to commence on May 1 and the offering is expected to close on May 4, subject to customary closing conditions.
Upon closing, PureTech will hold 16.69m shares of Seaport common stock.
Seaport develops oral treatments for depression, anxiety and other neuropsychiatric disorders, using its proprietary Glyph platform to address limitations such as high first‑pass metabolism and low bioavailability.
