Solid Biosciences, which is developing a gene therapy to treat Duchenne muscular dystrophy (DMD), raised $124.8 million by offering 7.8 million shares at $16, below the revised range of $18 to $19. Insiders purchased $40 million of the IPO (32% of deal size). At pricing, the company commands a fully diluted market value of $531 million.
The company filed an amendment yesterday increasing its proposed deal size to $130 million (29% increase) and raising the range to $18 to $19. Solid originally filed to offer 5.9 million shares at a range of $16 to $18.
Solid Biosciences plans to list on the Nasdaq under the symbol SLDB. J.P. Morgan, Goldman Sachs and Leerink Partners acted as lead managers on the deal.
