Denali Therapeutics, an early-stage biotech developing novel therapies for neurodegenerative diseases, raised the number of shares it plans to offer in its upcoming IPO on Thursday.
The San Francisco, CA-based company now plans to raise $250 million by offering 13.9 million shares at a price range of $17 to $19. Insiders still intend to purchase $50 million worth of shares in the offering (20%). The company had previously filed to raise $150 million by offering 8.3 million shares at the same range. At the midpoint of the range, Denali Therapeutics will raise 67% more in proceeds than previously anticipated and command a fully diluted market value of $1.7 billion. Denali is expected to be the year's biggest biotech IPO by deal size and market cap.
Denali Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol DNLI. Goldman Sachs, Morgan Stanley and J.P. Morgan are the joint bookrunners on the deal. It is expected to price on Thursday, December 7, 2017.
