In a bold move against a backdrop of federal uncertainty, MapLight Therapeutics has gone public, raising $251 million in its initial public offering (IPO) — a rare listing to pierce through the silence of a government shutdown that has largely stalled Wall Street’s IPO engine.
The California-based biotechnology company sold 14.75 million shares at $17 each, beginning trade on the Nasdaq Monday under the ticker MPLT, according to its statement. The offering, one of the few to cross the finish line during the shutdown, signals investor confidence in the company’s mission to transform treatment for neuropsychiatric and central nervous system disorders.
A Rare Market Entry During a Shutdown
While Washington remains gridlocked, MapLight is writing its own narrative of resilience. Its IPO was guided by Cooley LLP, while underwriters were advised by Latham & Watkins LLP — firms with deep roots in biotech and life sciences deals.
The IPO is paired with a concurrent private sale of roughly 476,700 shares at the same price, adding an extra $7.9 million to the company’s coffers for a total of $258.9 million raised. At pricing, MapLight commands a valuation of $704 million.
