Monte Rosa Therapeutics raises USD 222 million in successful IPO
by Tech Park Basel
Monte Rosa Therapeutics raises USD222 million in successful IPO
Monte Rosa Therapeutics, a US-Swiss biotech company focused on discovering and developing precision medicines that degrade disease-causing proteins, reached an important milestone in the company's development with yesterday's successful IPO on Nasdaq. On the first trading day, the share price rose to USD 21.18 (+11.5%) valuing the company at USD900 million.
Monte Rosa Therapeutics is developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically relevant proteins.
The company has developed a proprietary protein degradation platform, called QuEEN, that enables it to rapidly identify protein targets and molecular glue degrader (MGD) product candidates. The company’s drug discovery platform combines diverse and proprietary chemical libraries of small molecule protein degraders with in-house proteomics, structural biology, machine learning-based target selection and computational chemistry capabilities to predict and obtain protein degradation profiles.
Monte Rosa was launched in 2018 from founding investor Versant Ventures’ Ridgeline Discovery Engine based in Basel and is active in both Boston and Basel. The pipeline includes five programs in the discovery phase for indications such as inflammatory diseases and autoimmune diseases as well as lung, ovarian and breast cancer.
For more information, visit Monte Rosa Therapeutics (monterosatx.com)
Sources: Press Release & starupticker.ch