Foundation Medicine, which develops diagnostic systems that assess genomic alterations in cancer cells and match patients with targeted therapies, announced terms for its IPO on Thursday. The Cambridge, MA-based company plans to raise $75 million by offering 5.0 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Foundation Medicine would command a fully diluted market value of $421 million.
Foundation Medicine, which was founded in 2009 and booked $20 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol FMI. Foundation Medicine initially filed confidentially on June 24, 2013. Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal.
