Latigo prices upsized IPO at $345.6M to fund non-opioid pain drugs
What's the deal? Latigo Biotherapeutics, a clinical-stage biopharmaceutical company developing non-opioid pain medicines, priced its upsized initial public offering at $345.6 million. The Thousand Oaks, California-based company sold 19,200,000 shares at $18.00 each. Shares are expected to begin trading on the Nasdaq Global Select Market on August 7 under the ticker "LTGO."
What's the endgame? Latigo is building drugs designed to stop the transmission of pain without the risk of addiction. Its lead candidate, LTG-001, is an oral Nav1.8 inhibitor aimed at fast-acting, opioid-sparing relief for acute pain.
Who's involved? Goldman Sachs, Jefferies, Leerink Partners and Guggenheim Securities are acting as joint book-running managers. The underwriters also hold a 30-day option to buy up to 2,880,000 additional shares at the offering price.
Why now? The offering was upsized ahead of pricing, a signal of investor demand. All shares are being offered by Latigo, so the full gross proceeds — before discounts and expenses — flow to the company to fund its clinical pipeline. The offering is expected to close on August 10.
The signal: Non-opioid pain relief has drawn sharp investor and regulatory interest as an alternative to addictive treatments. Latigo's public debut adds a well-funded contender to a field racing to prove Nav1.8 inhibitors can deliver effective relief at scale.
Read more: StreetInsider
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