Berkeley Lights, which provides a single cell manipulation platform for drug discovery and development, announced terms for its IPO on Monday.
The Emeryville, CA-based company plans to raise $126 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Berkeley Lights would command a fully diluted market value of $1.2 billion.
The company's Berkeley Lights Platform provides an advanced environment for rapid functional characterization of single cells at scale, with advanced automated systems that analyze live cells using proprietary consumables and application and workflow software to deliver robust single cell data. As of May 31, 2020, the company offered six commercial workflows, incorporating sixteen assays and eleven cell classes, targeting customers in the antibody therapeutics, cell therapy, and synthetic biology markets.
Berkeley Lights was founded in 2011 and booked $58 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol BLI. J.P. Morgan, Morgan Stanley, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
