- ProNAi Therapeutics completed its initial public offering on July 16, 2015, trading on the NASDAQ Global Market under the ticker symbol DNAI.
- Following clinical trial results for its lead drug candidate PNT2258, the company experienced a significant drop in stock price and later transitioned, rebranding to Sierra Oncology (SRRA).
- Under the new Sierra Oncology umbrella, the company eventually in-licensed an experimental bone marrow cancer drug called momelotinib. After successful Phase III clinical trial results, the pharmaceutical giant GlaxoSmithKline (GSK) acquired Sierra Oncology.
- The buyout was finalized on July 1, 2022, for $55.00 per share in cash, a total transaction value of roughly $1.9 billion.
Key IPO Details
- IPO Date: July 16, 2015 (priced July 15, 2015)
- Offer Price: $17.00 per share (above the initial $14.00–$16.00 range)
- Shares Offered: 8,100,000 shares of common stock
- Gross Proceeds: Approximately $138 million to $158.4 million (including over-allotment options)
- Lead Underwriters: Jefferies LLC and BofA Merrill Lynch
- Lead Product at IPO: PNT2258 (a DNA interference oncology candidate targeting BCL2 for non-Hodgkin lymphoma)
