Prime Medicine, a preclinical biotech developing novel gene editing therapies for various diseases, announced terms for its IPO on Thursday.
The Cambridge, MA-based company plans to raise $151 million by offering 8.9 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Prime Medicine would command a fully diluted market value of $1.7 billion.
The company is developing one-time curative genetic therapies using Prime Editing technology, and currently has a pipeline of 18 preclinical programs targeting indications such as sickle cell disease, various liver diseases, non-syndromic hearing loss, neuro-muscular conditions, Duchenne muscular dystrophy, and cystic fibrosis. Prime Medicine has established preclinical proof-of-concept in vivo with long term engraftment of ex vivo Prime Edited human cells in mice in its sickle cell disease program (partnered with Beam Therapeutics).
So far in 2022, just eight biotech IPOs have raised $50 million or more, compared to 71 by this time last year.
Prime Medicine was founded in 2019 and plans to list on the Nasdaq under the symbol PRME. J.P. Morgan, Goldman Sachs, Morgan Stanley, and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of October 17, 2022.
