Sagimet Biosciences Announces Upsized $85 Million IPO
San Diego – July 18, 2023 – Cooley advised the underwriters in the upsized initial public offering of Sagimet Biosciences, a clinical-stage biotechnology company, at $85 million. Partners John McKenna, Natalie Karam and Denny Won led the Cooley team advising the underwriters.
Sagimet offered 5,312,500 shares of Series A common stock at a public offering price of $16 per share, with a 30-day option to purchase up to an additional 796,875 shares of common stock at the initial public offering price, less underwriting discounts and commissions. Sagimet’s stock began trading on the Nasdaq Global Market on July 14, 2023, under the ticker symbol SGMT.
Goldman Sachs & Co., Cowen and Company and Piper Sandler & Co. acted as joint book-running managers for the offering, while JMP Securities acted as lead manager.
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