Goldman Sachs-backed Septerna Inc. Raises $288 Million in IPO, Valuation Reaches $970 Million After 31% Surge on Nasdaq Debut

Oct 25, 2024, 01:39 PM

Septerna Inc., a Goldman Sachs-backed biotechnology company, has successfully completed its upsized initial public offering (IPO), raising $288 million. The company offered 16 million shares at a price of $18 each, an increase from the previously proposed 15.27 million shares. Following its debut on the Nasdaq, Septerna's shares surged nearly 31%, leading to a market valuation of approximately $970 million. The IPO reflects positive investor sentiment in the biotech sector, particularly for companies focused on G protein-coupled receptors (GPCRs), which are crucial for developing new therapies. The funds raised will support Septerna's pipeline of GPCR drugs, addressing unmet patient needs.