Cullinan Management, Inc. (CGEM) stock soared 33.33% to $28.00 as the biotech company announced the pricing of its upsized initial public offering that will distribute 11,900,000 shares of the Company’s common stock to the public at a price of $21.00 per share.
Before deducting underwriting discounts, commissions, and other offering expenses, Cullinan Management expects to receive approximately $249.9 million from this offering.
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Cullinan Management is offering all shares for sale.
Moreover, the underwriters can choose to purchase up to 1,785,000 additional shares of the common stock, less underwriting discounts, and commissions, at the initial public offering price.
Trading has started today under the ticker symbol (CGEM). It is expected that the offering will be closed on January 12, 2021, under the usual closing conditions.
Joint bookrunners Morgan Stanley & Co. LLC, SVB Leerink LLC, and Evercore Group LLC are in charge of the offering, with H.C. Wainwright & Co., LLC acting as the lead manager.
Summary:
Cullinan Management, Inc.’s (CGEM) is a biopharmaceutical company focusing on developing immuno-oncology treatments that can change cancer patients’ lives. Traders recognize the potential of the Company’s stock after responding well to its IPO.