Beta Bionics, which makes an automated insulin delivery system for type 1 diabetes, announced terms for its IPO on Wednesday.
The Irvine, CA-based company plans to raise $113 million by offering 7.5 million shares at a price range of $14 to $16. The company plans to raise an additional $17 million in a concurrent private placement to an existing shareholder. At the midpoint of the proposed range, Beta Bionics would command a fully diluted market value of $625 million.
Beta Bionics' iLet Bionic Pancreas (iLet) is the first insulin delivery device cleared by the FDA to utilize adaptive closed-loop algorithms to autonomously determine every insulin dose without requiring a user to count carbohydrate intake. These algorithms allow the iLet to deliver the correct insulin doses every five minutes throughout the day and night, requiring only the user’s body weight for device initialization and the autonomous determination of all insulin doses. The iLet received FDA clearance for patients with type 1 diabetes ages six and older in May 2023. The company plans to pursue expanded use of the iLet to patients with type 2 diabetes, and it is also in the early stages of developing an insulin "patch pump" and a bihormonal configuration of the iLet.
Beta Bionics was founded in 2015 and booked $53 million in sales for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol BBNX. BofA Securities, Piper Sandler, Leerink Partners, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2025.
