Moderna-backed Metagenomi cuts US IPO valuation target to $563 mln (updated)

Metagenomi Therapeutics

09/02/2024 05:41

(Adds trading date and symbol in paragraph 4)
       Feb 8 (Reuters) - Genetic medicines company Metagenomi
Technologies  MGX.O  said on Thursday it is aiming for a
valuation of $563 million in its U.S. initial public offering
(IPO), a number that is at the low end of its initial target
range.
    The company, backed by Moderna  MRNA.O  and Bayer Healthcare
 BAYGn.DE , plans to raise about $93.8 million by selling 6.25
million shares at $15 apiece.
    That is the lower end of its price range of $15-$17 per
share. At $17 per share, Metagenomi would have had a market
value of $638 million.
    The stock is due to make its trading debut on Friday on the
Nasdaq under the symbol "MGX".
    Metagenomi, one of a string of healthcare companies that
have recently sought to go public, is developing therapies for
genetic diseases like hemophilia A.
    All of its revenue has been generated from three
collaboration agreements, including one with Moderna, and not
any product sales. The company is yet to turn a profit.

 (Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Savio
D'Souza)
 ((ShubhenduSatish.Deshmukh@thomsonreuters.com;))