Tenaya Therapeutics, a US-based heart disease therapy developer backed by internet and technology group Alphabet, listed in a $180m initial public offering on the Nasdaq Global Select Market on Thursday.
The offering involved the company issuing 12 million shares at $15 each, in the middle of the $14 to $16 range, and they opened at $19.50 apiece prior to closing at $15.35 on the first day of trading.
Founded in 2016, Tenaya is developing treatments for heart-related conditions with three platforms – gene therapy, cellular regeneration and precision medicine – leveraging research from University of Texas Southwestern Medical Center and Gladstone Institutes.
The company had raised at least $248m in funding, having last closed a $106m series C round in March 2021 led by RTW Investments and backed by investors including Alphabet subsidiary GV, along with all the company’s existing shareholders.
Investment and financial services group Fidelity, RA Capital Management, The Column Group (TCG), Casdin Capital and funds and accounts advised by T Rowe Price also took part in the series C round.
GV had already taken part in a $92m series B round in 2019 that was led by Casdin Capital and backed by TCG and undisclosed new and returning backers. The company had collected $50m in a 2016 series A round led by TCG.
TCG remains the largest shareholder after the offering, owning a 23.9% stake, followed by Casdin Group (7%), SymBiosis II, a vehicle for Thomas Layton Walton (5.1%) as well as Fidelity’s FMR and RTW Investments, with 4.1% each.
Underwriters Morgan Stanley, Cowen, Piper Sandler and Chardan Capital Markets have a 30-day option to purchase up to 1.8 million additional shares.
