Gracell Biotechnologies, a Phase 1 Chinese biotech developing CAR-T cell therapies for cancer, raised $209 million by offering 11 million ADSs at $19, above the range of $16 to $18. The company originally planned to offer 8.8 million ADSs before increasing the offering to 11 million ADSs on Thursday morning.
Gracell Biotechnologies plans to list on the Nasdaq under the symbol GRCL. Citi, Jefferies, Piper Sandler and Wells Fargo Securities acted as lead managers on the deal.
