Jul. 24 at 2:28 AM
Scribe Therapeutics priced its upsized IPO at
$15 per share, the top end of its projected range, offering 8.58 million shares and expecting to raise approximately
$128.7 million in gross proceeds before fees and expenses. The shares began trading on the Nasdaq Global Market on July 24, while underwriters received a 30-day option to purchase up to 1.287 million additional shares, potentially increasing the total proceeds.
Alongside the IPO, Scribe agreed to a concurrent private placement with Sanofi, selling 500,000 shares at
$15 each for an additional
$7.5 million. The private placement is expected to close on July 27, subject to customary conditions and the completion of the IPO, although the IPO itself is not dependent on the private placement, The company already has strategic collaborations with Sanofi and Eli Lilly,
$SNY $LLY