Gene editing co Prime Medicine rises after IPO upsize

Prime Medicine

20/10/2022 17:36

** Prime Medicine Inc  PRME.O  rises in debut after
well-received IPO
    ** PRME opens at $18.97 vs $17 IPO price, valuing co at
roughly $1.8 bln. Stock last up 6.4% at $18.08
    ** Prime sells ~10.3 mln shares for $175 mln raise
 urn:newsml:reuters.com:*:nBw8GK50Pa
    ** Co had marketed 8.9 mln shares at $16-$18
    ** Prime expects to file its first IND (investigational new
drug) application with FDA in 2024; assuming approval, it could
begin Phase 1 trials in 2025, per offering prospectus
    ** Prime's co-founder Dr David Liu, faculty member at the
Broad Institute of Harvard and MIT, also co-founded gene editing
pioneers Editas Medicines and Beam Therapeutics
    ** Liu is largest Prime shareholder with pre-IPO stake of
~25%, followed by Google Ventures (~15%), Arch Ventures (~13%)
and Fidelity Investments (~13%)
    ** JP Morgan, Goldman, Morgan Stanley and Jefferies are the
IPO underwriters
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))