Nasdaq announced that trading of Syndax Pharmaceuticals, Inc. (SNDX) began today on The Nasdaq Stock Market following its Initial Public Offering at $12 per share. This is the fifth company to go public in the U.S. this year.
Shares opened at $12.11 and traded as high as $12.79 and as low as $11.75 before closing at $12.01 for just a penny increase.
The company offered 4 million shares to the public. Morgan Stanley and Citigroup are acting as joint book-running managers for the offering, and JMP Securities and Oppenheimer & Co. are acting as co-managers for the offering.
Syndax Pharmaceuticals, based in Waltham, MA, is a clinical stage biopharmaceutical company focused on the development and commercialization of entinostat, an epigenetic therapy for treatment-resistant cancers. Entinostat is an oral, small molecule drug candidate that has direct effects on both cancer cells and immune regulatory cells, potentially enhancing the body’s immune response to tumors. Syndax is developing entinostat as a combination therapy in multiple cancer indications with an initial focus on tumors that have shown sensitivity to immunotherapy, including lung cancer, melanoma, ovarian cancer and triple-negative breast cancer.
“Today marks a major milestone for Syndax as we celebrate our initial public offering on Nasdaq,” said Briggs Morrison, M.D., Chief Executive Officer at Syndax. “The Syndax team is determined to realize a future in which people with cancer live longer and better than ever before.”
“Nasdaq is proud to be the listing exchange of choice for companies committed to innovation and providing breakthrough solutions that transform our lives in all aspects,” said Nelson Griggs, Executive Vice President, Listing Services, Nasdaq. “We are excited to support the growth of Syndax as they continue their clinical development programs and offer advanced cancer treatment options for patients.”
Nasdaq has been the strategic listing partner for companies in growth sectors including healthcare, technology and consumer. In 2015, approximately 90 percent of all U.S. healthcare companies listed with Nasdaq and 95 percent of biotechnology companies. 100 percent of all IPOs in the U.S. in 2016 have listed at Nasdaq.