Guardant Health expects to raise $237.5M in IPO
Guardant Health announced that it expects to raise gross proceeds of $237.5 million from its initial public offering, more than double the firm’s original goal of $100 million when it filed plans to list its shares in September. Guardant said it priced 12.5 million shares of common stock at a public offering price of $19 per share, and granted the underwriters a 30-day option to purchase up to an additional 1.9 million shares at the IPO price, less the underwriting discounts and commissions. The company’s stock is expected to begin trading under the ticker symbol GH, though it has not yet started doing so. The offering is expected to close on Oct. 9.
In describing its goals in its original prospectus, Guardant wrote that it estimates the market opportunity for its current commercial and pipeline products to be more than $35 billion in the US, “comprising applications for both clinicians and biopharmaceutical customers, and addressing early- to late-stage disease.” The company’s tests are currently targeted toward late-stage cancer, but it has also been developing tests for recurrence monitoring and early detection for several years.
The company also reiterated plans to seek US Food and Drug Administration approval for its Guardant360 assay, which it believes may improve coverage and reimbursement for the test, which is already covered by Medicare and some other payors for specific indications in non-small cell lung cancer.
Read more: https://www.genomeweb.com/business-news/guardant-health-expects-raise-2375m-ipo#.W7a6ymgzY2w
Source: https://www.genomeweb.com/