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Scribe Therapeutics shares surge after upsized IPO raises $128.7 million
The clinical-stage biotech opened at $25 in New York after pricing its upsized offering at $15, valuing it at about $440.3 million.
Scribe Therapeutics Inc., a clinical-stage developer of gene therapies for heart diseases, jumped 67% on Friday after raising $128.7 million in an upsized initial public offering, LiveMint Markets reported.
In New York, the shares opened at $25 each 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 IPO gave Scribe a market value of about $440.3 million based on the outstanding shares in its filings. Affiliates of Sanofi SA agreed to buy about $7.5 million of shares at the IPO price through a concurrent private placement, and Eli Lilly & Co. indicated interest in buying additional shares so it could hold as much as an 11% stake after the deal.
Scribe is examining gene-editing technologies for heart and metabolic diseases, with initial focus on atherosclerotic cardiovascular disease. The company expects to report initial data in the first half of 2027 from a trial in Australia, and it recorded a net loss of $17.4 million on $2.2 million of collaboration revenue for the three months ended March 31.