J&J-backed Rapport Therapeutics valued at $636.8 million after shares rise 6% in debut

By Thomson Reuters Jun 7, 2024 | 10:48 AM

(Reuters) – Shares of Rapport Therapeutics, backed by Johnson & Johnson’s venture capital arm, rose nearly 6% in their market debut on Friday, valuing the early stage therapy developer at $636.8 million.

The U.S. initial public offering market is set to revive in 2024, after a dry spell of almost two years, on hopes of a soft-landing for the economy.

The Boston-based company debuted at $18 per share on the Nasdaq, above its IPO price of $17 — the midpoint of its indicated range of $16 to $18 apiece.

The biotech on Thursday raised $154 million in its IPO.

(Reporting by Sriparna Roy and Mariam Sunny in Bengaluru; Editing by Shilpi Majumdar)