Graphite Bio, an early stage biotech developing gene editing therapies for sickle cell and other diseases, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $200 million by offering 12.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Graphite Bio would command a fully diluted market value of $915 million.
Graphite Bio claims that its next-generation gene editing platform CRISPR allows it to precisely correct mutations, replace entire disease-causing genes, or insert new genes into predetermined, safe locations. Its lead candidate, GPH101, aims to correct the mutation that causes sickle cell disease and restore normal adult hemoglobin expression. The company has received IND clearance for GPH101 and intends to enroll the first patient in a Phase 1/2 trial in the second half of 2021, with initial proof-of-concept data expected by the end of 2022.
Graphite Bio was founded in 2017 and plans to list on the Nasdaq under the symbol GRPH. Morgan Stanley, BofA Securities, Cowen, and SVB Leerink are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
