UC Berkeley’s cancer therapy developer priced a $304m initial public offering at the top of its range.
Caribou Biosciences, a US-based cell therapy developer spun out of University of California, Berkeley is going public today in a $304m initial public offering.
The company increased the number of shares in the offering from 17 million to 19 million and priced them at the top of the IPO’s $14 to $16 range. It is floating on the Nasdaq Global Select Market and the share price gives it a valuation of almost $910m.
Caribou is leveraging its Crispr gene editing platform to develop treatments for haematologic malignancies and solid tumours. It is allocating at least $90m of the IPO proceeds to clinical development of CB-010, which is in a phase 1 trial for refractory B cell non-Hodgkin lymphoma.
Some $80m will support Investigational New Drug-enabling studies for two more drug candidates, CB-011 and CB-012, in addition to the potential launch of clinical trials.
At least…
