Rapid Micro Biosystems, which provides an automated microbial testing device and platform, raised $158 million by offering 7.9 million shares at $20, the high end of the range of $18 to $20. The company offered 1.3 million more shares than anticipated.
Rapid Micro Biosystems' flagship product, the Growth Direct platform, automates the manual microbial quality control testing workflow which safeguards the complex and critical bioprocessing workflows of pharmaceutical manufacturers. The Growth Direct platform is used to ensure the quality of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables. As opposed to traditional microbial quality control testing, the Growth Direct platform is placed on the manufacturing floor, delivering quick results to customers.
Rapid Micro Biosystems plans to list on the Nasdaq under the symbol RPID. J.P. Morgan, Morgan Stanley, Cowen, and Stifel acted as joint bookrunners on the deal.
