Krystal Biotech, a preclinical gene therapy biotech focused on dermatological diseases, raised $40 million by offering 3.96 million shares at $10, at the midpoint of the $9 to $11 target range. Insiders had indicated an interest in purchasing up to $5 million (12.5% of the deal) in shares on the IPO.
At pricing, the company commands a fully diluted market value of $98 million and an enterprise value of $60 million. Krystal Biotech plans to list on the Nasdaq under the symbol KRYS. Ladenburg Thalmann acted as a lead manager on the deal.
