Lucira Health, which is developing single-use test kits for COVID-19 and other infectious diseases, announced terms for its IPO on Monday.
The Emeryville, CA-based company plans to raise $125 million by offering 7.8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Lucira Health would command a fully diluted market value of $644 million.
Lucira has developed a testing platform that produces centralized-laboratory-accurate molecular testing in a single-use and consumer-friendly test kit that is powered by two AA batteries and fits in the palm of a hand. The company's initial focus is within respiratory diseases, starting with COVID-19 and influenza A and B virus indications. Its LUCIRA COVID-19 All-In-One Test Kit is designed to provide a clinically relevant COVID-19 result within 30 minutes from sample collection. The company is pre-revenue.
Lucira Health was founded in 2013 and plans to list on the Nasdaq under the symbol LHDX. BofA Securities, William Blair and LifeSci Capital are the joint bookrunners on the deal.
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