Passage Bio, a preclinical biotech developing gene therapies for rare CNS disorders, increased the proposed share offering for its upcoming IPO on Thursday.
The Philadelphia, PA-based company now plans to raise $170 million by offering 10 million shares at a price range of $16 to $18. The company had previously filed to offer 7.4 million shares at the same range. At the midpoint, Passage Bio will raise 35% more in proceeds than previously anticipated to command a fully diluted market value of $757 million.
Passage Bio was founded in 2017 and plans to list on the Nasdaq under the symbol PASG. J.P. Morgan, Goldman Sachs and Cowen are the joint bookrunners on the deal. It is expected to price during the week of February 24, 2020.
