Columbia's drug and materials development software provider Schrödinger has capped a successful initial public offering at more than $232m.
Schrödinger, the US-based life sciences platform developer spun out of Columbia University, closed its initial public offering at more than $232m yesterday.
The company floated last week, issuing nearly 11.9 million shares on the Nasdaq Global Market priced at $17.00 each. Its shares closed at $28.64 on their first day of trading and are at $28.61 at time of publication.
Underwriters Morgan Stanley, BofA Securities, Jefferies and BMO Capital Markets Corp subsequently took up the full over-allotment option, purchasing more than 1.78 million additional shares.
Schrödinger’s software platform is used by pharmaceutical and industrial product developers to discover molecules for use in the creation of new medicines and material designs. It grew its revenue 21% year on year in the first nine months of 2019 while cutting losses to $18.5m.
The company had raised a total of at least $162m pre-IPO, from pharmaceutical firm Wuxi AppTec’s Corporate Venture Fund, conglomerate Alphabet’s unit GV, hedge fund DE Shaw, Bill & Melinda Gates Foundation, Tubus Management, Laurion Capital Management, Invus, Pavilion Capital, Deerfield Management, Qiming Venture Partners and Baron Funds.
DE Shaw and Bill & Melinda Gates Foundation are Schrödinger’s largest investors and held stakes sized at 34.2% and 13.2% respectively, following the offering.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
