Sana Biotechnology, a preclinical biotech developing engineered cell therapies for multiple indications, announced terms for its IPO on Thursday.
The Seattle, WA-based company plans to raise $323 million by offering 15 million shares at a price range of $20 to $23. At the midpoint of the proposed range, Sana Biotechnology would command a fully diluted market value of $4.0 billion.
Sana is developing in vivo and ex vivo cell engineering platforms to revolutionize treatment across several therapeutic areas with unmet treatment needs, including oncology, diabetes, central nervous system (CNS) disorders, cardiovascular diseases, and genetic disorders, among others. The company's candidates are all currently in preclinical development, with IND submissions expected in 2022 and 2023.
Sana Biotechnology was founded in 2018 and plans to list on the Nasdaq under the symbol SANA. Morgan Stanley, Goldman Sachs, J.P. Morgan and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2021.
