Turning Point Therapeutics (formerly TP Therapeutics, Nasdaq: TPTX), a so far privately held company in the portfolio of HBM Healthcare Investments, has delivered a spectacular start in its IPO yesterday. Due to the high demand, the company increased the number of newly issued shares by around a quarter to 9.25 million new shares. The shares were placed at the upper end of the price range at USD 18.00 per share, raising gross proceeds of USD 166.5 million for the company. On yesterday’s first trading day, the stock price rose to USD 28.90 (+60.6%).

HBM Healthcare Investments initially invested USD 10 million in Turning Point Therapeutics in a private financing round prior to the IPO in October 2018 and increased its stake by an additional USD 4.5 million in the IPO. Following the IPO, HBM Healthcare Investments holds approximately 1.1 million shares worth USD 31.9 million. As a result of this transaction, the net asset value per HBM-share (NAV) increases by CHF 2.52 (+1.4%).

Turning Point Therapeutics is a clinical-stage precision oncology company with a pipeline of internally discovered investigational drugs designed to address key limitations of existing cancer therapies. The company’s lead program, repotrectinib, is a next-generation kinase inhibitor targeting genetic drivers of non-small cell lung cancer and advanced solid tumors.

Contact
For further information, please contact Dr Andreas Wicki on +41 41 710 75 77, or at andreas.wicki@hbmhealthcare.com