Sana Biotechnology, a preclinical biotech developing engineered cell therapies for multiple indications, raised $588 million by offering 23.5 million shares at $25, above upwardly revised the range of $23 to $24. The company offered 1.5 million more shares than anticipated. It originally planned to offer 15 million shares at $20 to $23 before increasing the deal size on Wednesday. At pricing, Sana Biotechnology commands a fully diluted market value of $4.9 billion, making it the largest preclinical biotech IPO ever.
Sana Biotechnology plans to list on the Nasdaq under the symbol SANA. Morgan Stanley, Goldman Sachs, J.P. Morgan and BofA Securities acted as lead managers on the deal.
