Seaport Therapeutics Inc., shares jumped 10% in the firm’s trading debut, after the company raised nearly $255 million in an upsized initial public offering.
The Boston-based company’s shares closed at $19.84 each, above the IPO price of $18 apiece. The biotech firm sold 14.16 million shares in the IPO, after having offered 11.8 million shares for $16 to $18 each.
The trading gives the company a market value of roughly $1 billion, based on the outstanding shares. The listing was more than 10 times oversubscribed, people familiar with the matter said earlier.
Biotechnology IPOs have picked up in recent weeks. The latest, blood coagulation disorder drugmaker Hemab Therapeutics Holdings Inc., raised $301.5 million in an upsized US initial public offering.
Seaport expects to release second phase trial results for its lead drug, a treatment for major depressive disorder, in the first half of 2027. Earlier this month, the company reported positive data from an early-stage trial of its second candidate, an oral drug to treat generalized anxiety disorder, and revealed plans to advance the drug to two parallel trials.
The company, which is backed by PureTech Health Plc, had a net loss of $74.9 million last year, compared with a net loss of $46.9 million a year earlier, according to an earlier filing.
Nasdaq and London Stock Exchange-listed PureTech’s stake was expected to decline to 33% after the offering from 43%, the filings show. Affiliates of Arch Ventures Partners were set to have a 10% stake, down from 13%, and General Atlantic was set to have 6.6%, down from 8.6%.
Seaport’s Chief Executive Officer Daphne Zohar was previously the co-founder of Karuna Therapeutics. That company was acquired for $14 billion by Bristol-Myers Squibb Co. in 2024.
The offering was led by Goldman Sachs Group Inc., JPMorgan Chase & Co., Leerink Partners, Citigroup Inc. and Stifel Financial Corp. The shares trade on the Nasdaq Global Market under the symbol SPTX.
Written by: Avalon Pernell @Bloomberg
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