General Atlantic-backed Centessa targets $1.7 bln valuation in U.S. IPO

Centessa Pharmaceuticals

24/05/2021 14:19

May 24 (Reuters) - Centessa Pharmaceuticals Plc, the newly
formed biopharma company backed by private equity firm General
Atlantic, said on Monday it was aiming for a valuation of up to
$1.7 billion in its initial public offering in the United
States.
    Formed in October, Centessa received $250 million funding in
January. It is also backed by venture capital firm Index
Ventures and life sciences-focused investment firm Medicxi.
    Moncef Slaoui, formerly the chief scientific adviser for the
U.S. government's Operation Warp Speed COVID-19 vaccine
development program, joined Centessa as its chief scientific
officer in February.  urn:newsml:reuters.com:*:nL1N2KM084
    Slaoui, however, stepped down from his role later following
reports of allegations of sexual harassment and inappropriate
conduct towards an employee of GlaxoSmithKline  GSK.L  several
years ago.  urn:newsml:reuters.com:*:nFWN2LN0P3
    Centessa is offering 15 million American depositary shares
(ADSs), each representing one ordinary share, for a price
between $18 and $20 per ADS. At the top end of the range, the
IPO would rake in $300 million.
    The company said it plans to locate its headquarters in
Cambridge, Massachusetts. Cerecor Inc, one of the biotech
companies acquired by Centessa, is developing a treatment for
acute respiratory distress syndrome in hospitalised COVID-19
patients, according to a regulatory filing.
    Morgan Stanley, Goldman Sachs, Jefferies and Evercore ISI
are the underwriters for the offering. Centessa said it would
list on the Nasdaq under the symbol "CNTA".

 (Reporting by Niket Nishant in Bengaluru; Editing by Maju
Samuel)
 ((Niket.Nishant@thomsonreuters.com;))