Metacrine prices IPO, to raise $85 million

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Metacrine Inc.’s initial public offering priced overnight as the biopharmaceutical company, focused on developing treatments for liver and gastrointestinal diseases, raised $85.0 million. The San Diego-based company sold 6.54 million shares at $13 a share, which was in the middle of the expected range of $12 to $14 a share. The pricing values the company at $336.98 million. Jefferies, Evercore ISI and RBC Capital Markets are the joint book-running managers. For the six months ended June 30, the company recorded a net loss of $17.4 million on no revenue, after a loss of $13.1 million on no revenue in the same period a year ago. The company is going public at a busy week for IPOs, and as the Renaissance IPO ETF has rallied 25.0% over the past three months while the S&P 500 has gained 8.9%.
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