Pandion Therapeutics, a Phase 1 biotech developing engineered Treg cells for autoimmune diseases, increased the proposed share offering for its upcoming IPO on Thursday.
The Watertown, MA-based company now plans to raise $119 million by offering 7 million shares at a price range of $16 to $18. The company had previously filed to offer 5.5 million shares at the same range. At the midpoint of the range, Pandion Therapeutics will raise 27% more in proceeds than previously anticipated to command a fully diluted market value of $477 million.
Pandion Therapeutics was founded in 2017 and booked $3 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol PAND. Goldman Sachs, Morgan Stanley, SVB Leerink, and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
