VC-backed Karuna goes public

Karuna Therapeutics, a biopharmaceutical company primarily focused on developing novel therapies to address disabling neuropsychiatric conditions, has raised $89.2 million for its IPO after pricing its over 5.5 million shares at $16 per share. The stock began trading June 28, 2019 on the NASDAQ under the ticker symbol "KRTX." Goldman Sachs and Citigroup are the lead underwriters. Karuna's pre-IPO backers included ARCH Venture Partners, Fidelity Management & Research Co, Eventide Asset Management, Pivotal bioVenture Partners, Partner Fund Management, Wellcome Trust, Sands Capital and Alexandria Venture Investments.