Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, has announced the pricing of its upsized initial public offering of 18,750,000 shares of common stock at an initial public offering price of US$16 per share. All of the shares are being offered by Erasca. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Erasca, are expected to be US$300 million. The shares are listed on the Nasdaq Global Select Market under the ticker symbol ERAS.
The offering is expected to close on July 20, 2021, subject to the satisfaction of customary closing conditions. In addition, Erasca has granted the underwriters a 30-day option to purchase up to an additional 2,812,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
Latham & Watkins LLP represents Erasca, Inc. in the offering with a corporate deal team led by San Diego partners Cheston Larson and Matt Bush, with associates Alaina Ellis, Claire Hutar, Ty Balzer and Shelby Harrison. Advice was also provided on benefits and compensation matters by San Diego partner Holly Bauer, with Chicago associate Victoria Wolfe; on FDA regulatory matters by Washington, D.C. partner Elizabeth Richards and Bay Area counsel Betty Pang, with Washington, D.C. associates Chad Jennings and Margaret Rote; on intellectual property matters by Bay Area/San Diego partner Chris Hazuka, with San Diego associate Robert Yeh; on data privacy matters by Bay Area counsel Heather Deixler; and on tax matters by Century City partner Sam Weiner, with associate Brian Rogers.