Monte Rosa Therapeutics (Nasdaq: GLUE), a private company in the portfolio of HBM Healthcare Investments, reached an important milestone in the company's development with yesterday's successful IPO on Nasdaq. By issuing 11.7 million shares at a price of USD 19.00 each, the company raised USD 222 million in new capital. On yesterday's first trading day, the share price rose to USD 21.18 (+11.5%).
HBM Healthcare Investments has invested USD 14 million in Monte Rosa in two financing rounds since September 2020 (investment previously valued at USD 18.8 million) and increased its stake by a further USD 7.6 million in the IPO. Following the IPO, HBM Healthcare Investments holds 2.2 million shares with a total value of USD 46.6 million.
Monte Rosa Therapeutics is developing a portfolio of novel small molecule precision medicines that employ the body's natural mechanisms to selectively degrade therapeutically relevant proteins. The company has developed a proprietary protein degradation platform, called QuEEN(TM), that enables it to rapidly identify protein targets and molecular glue degrader (MGD) product candidates that are designed to eliminate therapeutically relevant proteins in a highly selective manner. The company's drug discovery platform combines diverse and proprietary chemical libraries of small molecule protein degraders with in-house proteomics, structural biology, machine learning-based target selection and computational chemistry capabilities to predict and obtain protein degradation profiles. Monte Rosa is headquartered in Boston, USA, with research operations in both Boston and Basel, Switzerland.
About HBM Healthcare Investments
HBM Healthcare Investments invests in the healthcare sector. The Company holds and manages an international portfolio of promising companies in the human medicine, biotechnology, medical technology and diagnostics sectors and related areas. Many of these companies have their lead products already available on the market or at an advanced stage of development. The portfolio companies are closely tracked and actively guided in their strategic direction. This is what makes HBM Healthcare Investments an interesting alternative to investments in big pharma and biotechnology companies. HBM Healthcare Investments has an international shareholder base and is listed on SIX Swiss Exchange (ticker: HBMN).
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