Novo-Backed MapLight Raises $258.9 Million in US IPO, Placement

Core Insights - MapLight Therapeutics Inc. is set to raise $258.9 million through an initial public offering (IPO) and private placement, marking it as the first company to go public using a unique method since the US government shutdown [1][4] - The biotechnology firm focuses on developing treatments for neurological disorders, specifically schizophrenia and Alzheimer's disease psychosis [6] Company Overview - MapLight sold 14.75 million shares at $17 each, with affiliates of Goldman Sachs expected to purchase an additional 476,707 shares in a private placement [2] - The company, based in Redwood City, California, will have a market value of approximately $704.3 million at the IPO price [3] Market Context - The IPO is part of a wave of anticipated listings that are utilizing regulatory workarounds to navigate the government shutdown, which has hindered the SEC from approving new registrations [4] - This offering follows LB Pharmaceuticals Inc.'s successful IPO, which was the first biotech to raise over $50 million since February, indicating a potential recovery in the sector after a period of poor returns and regulatory challenges [5] Financial Background - Prior to the IPO, MapLight raised $372.5 million in July, achieving a valuation of $816 million [3] - The company is in mid-stage trials for its lead therapy, with results expected in the second half of next year for schizophrenia and in 2027 for Alzheimer's disease psychosis [6] Ownership Changes - Following the IPO and private placement, the beneficial ownership of shares by Sergey Brin-founded nonprofit Catalyst4 will decrease from 60.7% to 36.8% [7] - Novo Holdings A/S will see its ownership drop from 11.6% to 7.1%, while Forbion's fund will reduce its stake from 6.1% to 3.7% [7]