Sionna Therapeutics jumps nearly 40% in cracking Nasdaq debut

Sionna Therapeutics

07/02/2025 18:15

(Updates)
    ** Shares of drug developer Sionna Therapeutics  SION.O 
jump as much as 38.9% in their Nasdaq debut; last up 38.1% at
$24.86
    ** Stock opened for trading at $25 vs $18 IPO price, giving
it a market capitalization of $1.06 billion
    ** SION sold ~10.6 million shares, 20% more than initially
offered, at the top end of its marketed range of $16 to $18
apiece to raise $190.6 million
    ** Founded in 2019 and previously known as Sling
Therapeutics, SION is developing drugs to treat cystic fibrosis
    ** SION is vying for a slice of the cystic fibrosis market
that is dominated by drugmaker Vertex Pharmaceuticals  VRTX.O  
    ** Vertex booked almost $10 billion in sales in 2023 and has
significantly impacted cystic fibrosis treatment
    ** SION is evaluating its experimental drug candidates
SION-719 and SION-451 in early-stage trials in Australia
    ** Prior to the IPO, SION had raised about $330 million from
investors, including RA Capital and TPG's Rise Fund
    ** Goldman Sachs, TD Cowen, Stifel and Guggenheim Securities
were the underwriters

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))