Harvard-linked Sana brought in nearly four times as much in proceeds as originally planned and saw shares surge 40% on the first day of trading.
Sana Biotechnology, a US-based stem cell medicines developer exploiting Harvard University research, priced shares above its range at $25 on Wednesday to raise almost $588m in an upsized initial public offering.
The company issued 23.5 million shares, up from a planned 15 million, and began trading on the Nasdaq Global Select Market under the symbol SANA yesterday. Its price range was set at $20 to $23 last week to raise up to $397m, already more than double its original target of $150m.
Shares surged by 40% on the first day of trading and closed at $35.10, giving Sana a market cap of approximately $6.4bn.
It is the largest IPO for a preclinical biotech company yet, according to Axios, and comes just over two years after Harvard celebrated the $604m initial public offering of messenger RNA (mRNA) therapeutics developer Moderna.
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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).
