Spark Therapeutics, which is developing gene therapy treatments for orphan retinal dystrophies, raised the proposed deal size for its upcoming IPO on Wednesday.
The Philadelphia, PA-based company now plans to raise $130 million by offering 6.5 million shares at a price range of $19 to $21, which would give it a market cap of nearly $500 million. The company had previously filed to offer 5.5 million shares at a range of $15 to $17. At the midpoint of the revised range, Spark Therapeutics will raise 48% more in proceeds than previously anticipated.
Recent gene therapy biotechs include Avalanche Biotechnologies (AAVL; +147%) and Vascular Biogenics (VBLT; +171%).
Spark Therapeutics, which was founded in 2013, plans to list on the NASDAQ under the symbol ONCE. J.P. Morgan and Credit Suisse are the joint bookrunners on the deal. It is expected to price later this week.
