October 20, 2022 2:10pm
PRME notched a valuation of about $1.8 billion in its Nasdaq debut on Thursday, after its shares opened nearly 12% above their offer price; but, traded at $15.88 down -$1.12 or -6.59% started trading at $18.97 apiece, compared to its initial public offering price of $17 each.
The offering is expected to close on October 24, 2022, subject to the satisfaction of customary closing conditions.
A new class of differentiated one-time curative genetic therapies founded by Harvard biochemist David Liu, is designed to make only the right edit at the right position within a gene. With the theoretical potential to repair approximately 90% of known disease-causing genetic mutations across many organs and cell types from the same man who was one of those inventing CRISPR
It's also one of the most successful U.S. IPOs in recent memory, as Prime for a $1.7 billion fully diluted market value.
Prime had raised $315 million in VC funding, most recently in April 2021 at a $1.2 billion valuation, from such firms as GV (14.6% pre-IPO stake), Arch Venture Partners (13.4%), F-Prime Capital Partners (13.4%) and Newpath Partners (5.7%). It will list on the Nasdaq under ticker symbol It "PRME."
The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Prime Medicine, are expected to be $175.0 million. In addition, the underwriters have a 30-day option to purchase up to 1,544,117 additional shares of common stock at the initial public offering price fewer underwriting discounts and commissions.
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and Jefferies are acting as joint book-running managers for the offering.