Solid Biosciences, which is developing a gene therapy to treat Duchenne muscular dystrophy (DMD), raised the proposed deal size for its upcoming IPO on Wednesday.
The Cambridge, MA-based company now plans to raise $130 million by offering 7 million shares at a price range of $18 to $19. Insiders intend to purchase $40 million of the IPO (31% of deal size). The company had previously filed to offer 5.9 million shares at a range of $16 to $18. At the midpoint of the revised range, Solid Biosciences will raise 29% more in proceeds than previously anticipated and command a fully diluted market cap of $620 million.
Solid Biosciences was founded in 2013 and plans to list on the Nasdaq under the symbol SLDB. J.P. Morgan, Goldman Sachs and Leerink Partners are the joint bookrunners on the deal.
