Analysis
BlossomHill Therapeutics priced an upsized initial public offering at $16.00 a share Thursday, raising $150 million in gross proceeds and upsizing from the roughly $100 million target Pulse covered when the company first filed on August 3, according to BioSpace. Shares began trading Friday on the Nasdaq Global Select Market under the ticker BLSM, with J.P. Morgan, Leerink Partners and Guggenheim Securities as lead book-runners.
What changed since the filing: the deal grew by roughly 50% between the initial paperwork and pricing, a sign of stronger-than-expected demand in a biotech IPO window that's been unusually active this summer -- Attovia Therapeutics and Braveheart Bio both priced Nasdaq offerings in the same week BlossomHill first filed. The upsize also comes with a 30-day option for underwriters to buy up to 1.4 million additional shares at the offering price, a standard overallotment structure that gives banks room to stabilize the stock in early trading.
The offering closes August 10. BlossomHill is now the third biotech name in roughly a week to price above or near the top of its range, a pattern that -- if it holds through the rest of August -- would argue the biotech IPO window investors have been calling fragile all year is, for now, still open.