Sionna Therapeutics set to open 50% above offer price after upsized $191 mln IPO

Sionna Therapeutics

07/02/2025 16:39

(Updates)
    ** Shares of drug developer Sionna Therapeutics  SION.O  set
to open 50% above their offer price in their Nasdaq debut
    ** Stock indicated to open at $27 vs $18 IPO price
    ** SION sold ~10.6 mln shares, 20% more than initially
offered, at the top end of its marketed range of $16 to $18
apiece to raise $190.6 mln
    ** At the IPO price, the Waltham, Massachusetts-based firm
fetched a valuation of $765.4 mln 
    ** Founded in 2019 and previously known as Sling
Therapeutics, SION is developing drugs to treat cystic fibrosis
    ** SION is vying for a slice of the cystic fibrosis market
that is dominated by drugmaker Vertex Pharmaceuticals  VRTX.O  
    ** Vertex booked almost $10 billion in sales in 2023 and has
significantly impacted cystic fibrosis treatment
    ** SION is evaluating its experimental drug candidates
SION-719 and SION-451 in early-stage trials in Australia
    ** Prior to the IPO, SION had raised about $330 mln from
investors, including RA Capital, TPG's Rise Fund, and Atlas
Venture     
    ** Goldman Sachs, TD Cowen, Stifel and Guggenheim Securities
were the underwriters

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))