VC-backed Foghorn Therapeutics goes public

Cambridge, Massachusetts-based Foghorn Therapeutics, a developer of therapies for cancer and other serious diseases, has raised about $120 million for its IPO after pricing its 7.5 million shares at $16 per share. The stock began trading October 23, 2020 on the NASDAQ under the ticker symbol “FHTX.” Goldman Sachs, Morgan Stanley and Cowen are the lead underwriters. Foghorn’s pre-IPO backers include Flagship Pioneering.

PRESS RELEASE

CAMBRIDGE, Mass., Oct. 22, 2020 (GLOBE NEWSWIRE) — Foghorn Therapeutics Inc. (Nasdaq: FHTX), a company pioneering the discovery and development of a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system, today announced the pricing of its initial public offering of 7,500,000 shares of its common stock at a public offering price of $16.00 per share. All of the shares are being offered by Foghorn. In addition, Foghorn has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Foghorn’s common stock is expected to begin trading on The Nasdaq Global Market on October 23, 2020 under the symbol “FHTX.”

The gross proceeds of the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Foghorn, are expected to be approximately $120 million excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on October 27, 2020, subject to the satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley and Cowen are acting as joint book-running managers for the offering, and Wedbush PacGrow is acting as co-manager.

A registration statement relating to the shares being sold in this offering was declared effective by the Securities and Exchange Commission on October 22, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Foghorn Therapeutics
Foghorn® Therapeutics is discovering and developing a novel class of medicines targeting genetically determined dependencies within the chromatin regulatory system. Through its proprietary scalable Gene Traffic Control™ platform, Foghorn is systematically studying, identifying and validating potential drug targets within the chromatin regulatory system. The company is developing multiple product candidates in oncology and expects to file an IND for its first program later this year.

Foghorn was founded in 2015 by Cigall Kadoch, Ph.D., Gerald Crabtree, M.D., and Doug Cole, M.D., of Flagship Pioneering.