Underwriters have exercised their over-allotment option in full, increasing the University of Pennsylvania-linked genetic medicine developer’s proceeds by $32.4m.
Passage Bio, a US-based genetic medicines developer commercialising University of Pennsylvania research, has increased its initial public offering to more than $248m after underwriters exercised their over-allotment option in full.
Underwriters purchased 1.8 million additional shares at the initial public offering price of $18, thereby injecting $32.4m into the company.
The company had raised an initial $216m in proceeds after issuing 12 million shares priced at $18 at the end of last month, an increase on the $125m it had originally hoped to raise. It listed on the Nasdaq Select Global Market under the symbol PASG.
Founded in 2017, Passage Bio is working on genetic therapies for rare, life-threatening disorders affecting the central nervous system. It has a research, collaboration and licensing agreement with University of Pennsylvania’s Orphan Disease Center and Gene Therapy Program.
The money will go towards the development of three assets…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
