Gamida Cell, a Phase 3 biotech developing stem cell therapies for hematologic malignancies, raised $50 million by offering an upsized 6.25 million shares at $8, below the range of $13 to $15. Gamida offered 75% more shares than expected to keep the deal size at $50 million, but the fully diluted IPO market cap of $210 million is 30% lower than anticipated ($300 million). Novartis and Clal Biotechnology agreed to purchase an aggregate of $37.5 million of the offering (75% of the deal).
Gamida Cell plans to list on the Nasdaq under the symbol GMDA. BMO Capital Markets and RBC Capital Markets acted as lead managers on the deal.
