Codex DNA, which makes an automated synthetic biology workstation and related solutions, announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Codex DNA would command a fully diluted market value of $448 million.
Codex DNA states that its synthetic biology solution addresses the bottlenecks across the multi-step process of building DNA and mRNA. A key part of its solution is its BioXp system, an end-to-end automated workstation that fits on the benchtop and provides ease-of-use and hands-free automation. The company commercially launched its current synthetic biology solution in September 2019, which now includes the BioXp 3250 system, BioXp kits with associated cloud-based application scripts, and benchtop reagent kits. Since the introduction of its solution through May 1, 2021, Codex has launched seven BioXp kits, three benchtop reagent kits, and several other synthetic biology products, including 12 SARS-CoV-2 full-length genomes and RNA controls. Codex has placed approximately 160 BioXp systems globally.
Codex DNA was founded in 2011 and booked $8 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol DNAY. Jefferies, Cowen, and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 14, 2021.
