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Rapport Therapeutics (RAPP), which is backed by Johnson & Johnson’s (JNJ) venture capital arm, has set terms for a proposed $136M initial public offering.
The Boston-based biotech company said in a filing that it was looking to offer 8M shares priced between $16 and $18, which would raise around $136M if priced at the midpoint. Underwriters would be granted an option to purchase up to 1.2M additional shares.
Rapport hopes to list its shares on Nasdaq under the symbol RAPP. Joint book runners include Goldman Sachs, Jefferies, TD Cowen and Stifel.
The company was founded in 2022, with support from Third Rock Ventures and J&J Innovation-JJDC. The filing said entities affiliated with Third Rock Ventures will hold an estimated 22.9% stake after the offering, with J&J holding 7.1% and ARCH Venture Fund XII owning 10.5%.
Rapport has been working on treatments for central nervous system disorders. Its lead drug is RAP-219, which is entering Phase 2a testing for the treatment of focal epilepsy.
