Opening Day: Cullinan, Gracell Surge In Debut As SPAC Craze Continues

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Shares of biotechnology companies Cullinan Management and Gracell Biotechnologies both surged in their trading debut on Friday, January 8, with the former rising 42.3% and the latter gaining nearly 32%.

LATEST IPOS

Cullinan Management (CGEM) opened on Jan. 8 at $42 per share, double its $21 per share pricing. The deal size was increased to 11.9 million shares from 10 million shares and priced above the revised $19.00-$21.00 range. Morgan Stanley (MS), SVB Leerink, and Evercore ISI (EVR) acted as joint book running managers for the offering. Cullinan is a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies with transformative potential for cancer patients.

Gracell Biotechnologies (GRCL) opened on Jan. 8 at $26 after pricing its IPO at $19 per share. The 11 million share offering priced above the $16.00-$18.00 range. Citi (C), Jefferies (JEF), Piper Sandler (PIPR) and Wells Fargo (WFC) acted as joint book running managers for the offering. Gracell is a clinical-stage biopharmaceutical company dedicated to discovering and developing breakthrough cell therapies to address unmet medical needs in the treatment of cancer.

SPAC IPOS

Pioneer Merger Corp. (PACX), a special purpose acquisition company sponsored by an affiliate of Falcon Edge Capital and Patriot Global Management, priced its initial public offering of 35 million units at $10.00 per unit and opened for trading at $10.75 per unit. The blank check company intends to pursue large scale disruption opportunities in the technology and consumer sectors, but will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.

Global Synergy Acquisition Corp. (GSAQ) priced its initial public offering of 22.5 million units at $10.00 per unit. The offering opened on Jan. 8 at $10.35 per unit. The blank check company intends to "capitalize on the ability of its management team and board of directors to identify, acquire, and manage a business that can benefit from the team's operational and investing expertise in the IT Services and Business Process Outsourcing sectors."

Prospector Capital Corp. (PRSR) opened on Jan. 8 at $10.70 after having priced its initial public offering of 30 million units at $10.00 per unit. The blank check company intends to focus its search on companies with "advanced and highly differentiated solutions for the technology sector."

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"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary, and upcoming IPOs.

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