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July 15, 2020, 7:34 a.m. EDT

Relay Therapeutics upsizes and raises proposed price range for IPO

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By Ciara Linnane

Relay Therapeutics Inc. [s :rlay] upsized and raised its expected price range for its initial public offering on Wednesday, with plans to offer 20 million shares priced at $18 to $19 each. The clinical-stage oncology biotech had previously planned to offer 14.7 million shares, priced at $16 to $18 each. The company has applied to list on Nasdaq, under the ticker symbol "RLAY." JP Morgan, Goldman Sachs, Cowen and Guggenheim are underwriting the deal. Proceeds will be used to fund clinical research and for general corporate purpose, including hiring new workers. "We are a clinical-stage precision medicines company transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology," the company says in its prospectus.

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