Turning Point Therapeutics (TPTX) IPO Opens 35% Higher

Today's IPO for Turning Point Therapeutics, Inc. (NASDAQ: TPTX) opened for trading at $24.25 after pricing 9,250,000 shares of its common stock at a price to the public of $18.00 per share.

Turning Point Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,387,500 shares of common stock at the initial public offering price less underwriting discounts and commissions.

Goldman Sachs & Co. LLC and SVB Leerink are acting as joint book-running managers for the offering. Wells Fargo Securities is also serving as a joint book-running manager. Canaccord Genuity is acting as lead manager.

Turning Point Therapeutics is a clinical-stage precision oncology company with a pipeline of internally discovered investigational drugs designed to address key limitations of existing cancer therapies. The company’s lead program, repotrectinib, is a next-generation kinase inhibitor targeting genetic drivers of non-small cell lung cancer and advanced solid tumors. Repotrectinib has shown antitumor activity and durable responses among kinase inhibitor treatment-naïve and pre-treated patients, and is planned to enter a registrational Phase 2 study in the second half of 2019. Turning Point’s kinase inhibitors are designed to bind to their targets with greater precision and affinity than existing therapies, with a novel, compact structure that has demonstrated an ability to potentially overcome treatment resistance common with other kinase inhibitors. The company is driven to develop therapies that mark a turning point for patients in their cancer treatment.

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