Prime Medicine sets IPO terms, which could value the biotech at up to $1.7 billion

 Prime Medicine Inc. has set terms for its initial public offering, in which the Massachusetts-based biotechnology company, which utilizes gene-editing technology to develop therapies for a wide spectrum of diseases, looks to raise up $160.2 million. The company said it is offering 8.9 million shares in the IPO, which is expected to priced between $16 and $18 a share. With 94.34 million shares expected to be outstanding after the IPO, the pricing could value the company at up to $1.70 billion. The stock is expected to list on the Nasdaq under the ticker symbol "PRME." J.P. Morgan, Goldman Sachs, Morgan Stanley and Jefferies are the underwrites. The company recorded a net loss of $65.7 million on no revenue for the six months ended June 30, after a loss of $92.1 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has tumbled 11.1% over the past three months, while the iShares Biotechnology ETF has slipped 2.3% and the S&P 500 has declined 4.1%.

https://www.morningstar.com/news/marketwatch/20221013484/prime-medicine-sets-ipo-terms-which-could-value-the-biotech-at-up-to-17-billion