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Chinese-American drug developer Structure Therapeutics (GPCR), formerly known as ShoutTi, has applied to raise $100 million through an initial public offering in the United States.
Structure Therapeutics did not specify in its filing how many American depository shares it intended to offer or the price, but indicated in an attached deposit rate card that it was trying to raise $100 million, a number that is likely a placeholder and subject to change.
The biotech hopes to list its shares on the Nasdaq under the ticker symbol GPCR. Major bookrunners include Jefferies, SVB Securities, Guggenheim Securities and BMO Capital Markets.
The company has focused on developing drugs that target G protein receptors, or GPCRs, to treat lung, metabolic and cardiovascular diseases. Its lead drug candidate, GSBR-1290, is a GLP-1 receptor agonist for the treatment of type 2 diabetes.
Incorporated in the Cayman Islands, Structure Therapeutics has operations in South San Francisco and Shanghai. The company was formerly known as ShouTi.