Neumora and RayzeBio are both casting a line into the market, with each seeking to raise more than $200 million in initial public offerings this fall.
Neumora is offering 14,710,000 shares at a range of $16 to $18 apiece, which would mean a raise of $250 million at the midpoint, according to a Monday regulatory filing. The biotech is seeking to list its shares under the ticker “NMRA.” The underwriters will have access to another 2,206,500 shares of common stock for 30 days.
The neuroscience biotech is seeking a valuation of up to $2.74 billion based on the higher end of the range.
Neumora emerged in 2021 backed by Amgen and Arch Venture Partners with $500 million to find new treatments for brain diseases. The company rolled up a couple of privately held biotechs to build out a pipeline and now has nine investigational programs in the works. The therapies include the phase 3 med navacaprant, in development for major depressive disorder and other neuropsychiatric disorders. Other areas of interest include Alzheimer’s disease and schizophrenia.