Eli Lilly-backed Scribe Therapeutics climbs 67% after raising $128.7 million in an upsized IPO
AI Summary
Scribe Therapeutics Inc. experienced a significant 67% surge in its stock price following a successful IPO that raised $128.7 million, with shares opening at $25 compared to the IPO price of $15. The company, focused on gene therapies for heart diseases, has a market value of approximately $440.3 million and is backed by notable investors including Eli Lilly and affiliates of Sanofi.
Scribe Therapeutics Inc., a clinical-stage developer of gene therapies for heart diseases, surged 67% on Friday after raising $128.7 million in an upsized initial public offering.
Shares of the Alameda, California-based biotech firm opened at $25 each in New York, versus an IPO price of $15. The company sold 8.58 million shares on Thursday, after marketing 7.15 million shares for $13 to $15 apiece.
The trading gives Scribe a market value of about $440.3 million, based on the outstanding shares listed in its filings.
Affiliates of Sanofi SA had agreed to purchase about $7.5 million in shares at the IPO price as part of a concurrent private placement, the filings showed. Eli Lilly & Co., one of Scribe’s existing backers, indicated an interest in buying more shares in the IPO such that it would have as much as an 11% interest in Scribe after the offering and placement.
Scribe is examining gene-editing technologies in heart and metabolic diseases, with initial focus on atherosclerotic cardiovascular disease, or ASCVD. The company expects to report initial data in the first half of 2027 from its trial in Australia for adults with increased risk of ASCVD.
Scribe incurred a net loss of $17.4 million on collaboration revenue of $2.2 million for the three months ended March 31, according to the filings. A year earlier, it posted a net loss of $3.5 million on collaboration revenue of $17.1 million over the same period.
Aside from Lilly, Scribe also counts entities affiliated with Andreessen Horowitz and Avoro Life Sciences Fund among its biggest shareholders.
Scribe’s IPO was led by Leerink Partners, Goldman Sachs Group Inc., Guggenheim Securities and Wells Fargo & Co. The shares trade on the Nasdaq Global Market under the symbol SCTX.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies,...More
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