US-based genomic therapy developer Beam Therapeutics, whose investors include internet and technology conglomerate Alphabet, closed its initial public offering at $207m yesterday.
The company priced 10.6 million shares at the top of a $15 to $17 range to raise $180m last week having already increased the number of shares it was offering. The shares closed at $24.99 yesterday and the IPO’s underwriters acquired a further 1.59 million shares to close the offering.
Beam is utilising genomic base-editing technology to develop treatments for serious diseases. The IPO proceeds will fund development of its core platform, preclinical proof-of-concept studies and Investigational New Drug-enabling studies for its drug candidates.
The offering followed about $224m in funding across two rounds, from investors including Alphabet subsidiary GV and financial services and investment group Fidelity’s Eight Roads Ventures and F-Prime Capital units.
Redmile Group, Omega Funds, Cormorant Asset Management, Hillhouse Capital, Temasek, Arch Venture Partners and Altitude Life Science Ventures are also among the company’s backers, while gene editing technology provider Editas and drug developer Bio Palette got shares through licensing agreements.
Arch Venture Partners is Beam’s largest shareholder, with a 16.6% stake after the offering closed. Its other notable investors are F-Prime Capital (14%), Hillhouse Capital (5.4%) and Temasek (5%).
JP Morgan, Jefferies and Barclays were joint book-running managers for the offering, which took place on the Nasdaq Global Select Market, while Wedbush PacGrow was lead manager.
