3. Relay Therapeutics
Deal size: $400 million
Valuation: $1.8 billion
Share price: $20.00
Shares sold: 23,000,000
Around 18 months after banking $400 million in its series C round, Relay Therapeutics decided in the summer of 2020 it was ready to go public. While it was initially looking to raise up to $200 million in its Nasdaq IPO, it ended up doubling that sum to an impressive $400 million, bringing it into the podium position for the top biotech IPOs of the year.
This cash allowed it to move two cancer programs into mid-phase development and push a third toward the clinic. Relay's goal is to create new treatments against targets that were previously considered undruggable or were inadequately drugged.
It also ended last year on a high, nabbing a deal with Roche’s Genentech worth $75 million upfront, $25 million in near-term payments and $695 million biobucks for one of its leading meds—RLY-1971, an inhibitor of SHP2.