J&J-backed Rapport Therapeutics valued at $636.8 mln after shares rise 6% in debut (updated)
07/06/2024 16:38
(Adds details and background in paragraphs 2-4)
June 7 (Reuters) - Shares of Rapport Therapeutics
RAPP.O , backed by Johnson & Johnson's JNJ.N venture capital
arm, rose nearly 6% in their market debut on Friday, valuing the
early stage therapy developer at $636.8 million.
The U.S. initial public offering market is set to revive in
2024, after a dry spell of almost two years, on hopes of a
soft-landing for the economy.
The Boston-based company debuted at $18 per share on the
Nasdaq, above its IPO price of $17 — the midpoint of its
indicated range of $16 to $18 apiece.
The biotech on Thursday raised $154 million in its IPO.
(Reporting by Sriparna Roy and Mariam Sunny in Bengaluru;
Editing by Shilpi Majumdar)
((Sriparna.Roy@thomsonreuters.com))