ARTICLE | Financial News

Arcus raises upsized $120M IPO

March 16, 2018 6:00 PM UTC

Arcus Biosciences Inc. (NYSE:RCUS) raised on March 14 $120 million through the sale of 8 million shares at $15 in an upsized IPO underwritten by Citigroup, Goldman Sachs and Leerink. The IPO price valued Arcus at $638.3 million; it ended the day with a market cap of $726.8 million.

On March 9, Arcus proposed to sell 7.1 million shares at $13-$15. At the $14 midpoint, a sale of that many shares would have raised $99.4 million and valued Arcus at $583.1 million...