Recursion Pharmaceuticals Closes $501.8 Million Initial Public Offering
Recursion Pharmaceuticals officially closes its IPO on the Nasdaq, raising $501.8 million in gross proceeds after underwriters exercise their option for additional shares. The clinical-stage biotech company trades under the ticker symbol RXRX.
Recursion Pharmaceuticals successfully closes its initial public offering after selling over 27.8 million shares of Class A common stock at $18.00 per share. This total includes the full exercise of the underwriters' option to purchase an additional 3.6 million shares, bringing the gross proceeds to $501.8 million before expenses.
The clinical-stage biotechnology company begins trading its shares on the Nasdaq Global Select Market under the ticker symbol RXRX. A prominent group of financial institutions, including Goldman Sachs and J.P. Morgan, acts as lead book-running managers to facilitate the major public offering.
Recursion focuses on decoding biology by combining technological innovations across biology, chemistry, automation, and data science. The company plans to use its new public market capital to industrialize drug discovery and ultimately improve the lives of patients through advanced biotechnological research.