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August 3, 2021

Rallybio IPO raises nearly $93M

PHOTO | STEVE LASCHEVER Rallybio’s co-founders (from left to right) are: Dr. Stephen Uden, Jeffrey Fryer and Martin Mackay.
By Natalie Missakian

New Haven-based biotech Rallybio, which made its Wall Street debut last week, said it pulled in nearly $93 million in the IPO, which wrapped up on Monday.

The rare disease startup founded by three former Alexion executives said it sold 7.13 million shares at $13 a share, bringing in roughly $92.7 million before discounts, commissions and expenses.

The company put up 6.2 million shares in the offering, and underwriters exercised an option to buy another 930,000 shares at the offering price, Rallybio said.

Its stock, which trades under the symbol RLYB, debuted at $14.92 on the Nasdaq last Thursday and was trading at $19.80 a share as of mid-morning Tuesday.

Rallybio plans to use proceeds from the IPO and an additional $128 million in cash it has on hand from private investment rounds to advance its drug candidates into human testing. 

The three-year-old company has already begun early-stage clinical trials on one drug, RLYB211, a monoclonal antibody that aims to prevent FNAIT (fetal and neonatal alloimmune thrombocytopenia.) The rare condition in pregnant women causes uncontrolled bleeding in newborns. 

The company plans to advance what it considers its lead candidate, another drug for FNAIT named RLYB212, into human testing next year.

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