Terns Pharmaceuticals, Inc.

Terns Pharmaceuticals, Inc. (TERN) priced its initial public offering on Feb 8, 2021 at $17.00 per share, within its $15.00–$17.00 range, raising $127.5M, and listed on Nasdaq Global Select. At the IPO price its market capitalization was about $407.5M. J.P. Morgan was lead-left underwriter, joined by Goldman Sachs and TD Cowen. Latham & Watkins advised the company and Davis Polk advised the underwriters.

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing small-molecule single-agent and combination therapies for non-alcoholic steatohepatitis (NASH) and other chronic liver diseases. Its most advanced program, TERN-101, is a liver-distributed, non-bile acid Farnesoid X Receptor agonist.

Status

IPO

Ticker

TERN

Exchange

Nasdaq Global Select

Priced

Feb 8, 2021

IPO price

$17.00

Price range

$15.00–$17.00

Raised

$127.5M

Market cap at IPO price

$407.5M

First filed

Jan 15, 2021

Underwriters

J.P. Morgan, Goldman Sachs and TD Cowen

Company counsel

Latham & Watkins

Underwriters' counsel

Davis Polk

Sector

Biotech & pharma

Country / state

CA

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.