Wilson Sonsini Advises Recursion on $501 Million IPO
- Client Highlights
- Life Sciences
On April 20, 2021, Recursion Pharmaceuticals, Inc., of Salt Lake City announced the closing of its initial public offering of 27,878,787 shares of its Class A common stock, which includes the exercise in full of the underwriters' option to purchase 3,636,363 additional shares of its Class A common stock, at a price to the public at $18.00 per share, a price at the top end of its expected pricing range. Including the option exercise, the gross proceeds from the offering were $501.8 million, before deducting underwriting discounts and commissions and other offering expenses payable by Recursion. All of the shares were offered by Recursion. The shares began trading on the Nasdaq Global Select Market on April 16, 2021, under the symbol "RXRX."
Recursion is a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering, with the goal of radically improving the lives of patients and industrializing drug discovery. Central to its mission is the Recursion Operating System, or Recursion OS, that combines an advanced infrastructure layer to generate one of the world's largest and fastest-growing proprietary biological and chemical datasets and the Recursion Map, a suite of custom software, algorithms, and machine learning tools that the company uses to explore foundational biology unconstrained by human bias and navigate to new biological insights which may accelerate Recursion's programs.
The Wilson Sonsini Goodrich & Rosati team that advised Recursion Pharmaceuticals on the transaction includes:
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