Galecto Announces Pricing of Initial Public Offering
Galecto, Inc. is a global clinical-stage biotechnology company with operating headquarters in Copenhagen, Denmark, and has employees working from offices in Gothenburg, Montreal, Boston, London and Edinburgh – based on Edinburgh BioQuarter.
The company develop therapeutics designed to target the biological processes that lie at the heart of fibrosis and impact a broad range of fibrotic and related diseases, including cancer.
Galecto, Inc. (NASDAQ: GLTO) announced the pricing of its initial public offering of 5,666,667 shares of common stock at a public offering price of $15.00 per share and traded on the Nasdaq Global Market under the ticker symbol “GLTO.”
All of the shares are being offered by Galecto. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Galecto, are expected to be approximately $85.0 million.
The offering is expected to close on November 2, 2020, subject to the satisfaction of customary closing conditions. In addition, Galecto has granted the underwriters a 30-day option to purchase up to an additional 850,000 shares of common stock at the initial public offering price.
BofA Securities, SVB Leerink and Credit Suisse are acting as joint book-running managers for the offering. Kempen & Co is acting as lead manager for the offering.
Galecto and Edinburgh BioQuarter
Galecto was founded in 2011 by leading galectin scientists and biotech executives from Denmark (Dr. Hans Schambye), Sweden (Professors Ulf Nilsson and Hakon Leffler) and the UK (Professor Tariq Sethi).
Galecto builds on more than 10 years of research centering on the role of galectin-3 and the use of modulators of these proteins to treat fibrosis-related diseases and cancer.
Much of the initial research and development around galectin-3 and its inhibitors was conducted at The University of Edinburgh’s Centre for Inflammation Research and preclinical activities are directed from NINE, Edinburgh BioQuarter.
Galecto is also co-sponsor on several other academic and translational projects ongoing at the Centre for Inflammation Research and Royal Infirmary of Edinburgh.