Sana Biotechnology, a preclinical biotech developing engineered cell therapies for multiple indications, raised the proposed deal size for its upcoming IPO on Wednesday.
The Seattle, WA-based company now plans to raise $517 million by offering 22 million shares at a price range of $23 to $24. The company had previously filed to offer 15 million shares at a range of $20 to $23. At the midpoint of the revised range, Sana Biotechnology will raise 60% more in proceeds than previously anticipated.
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.
