SoftBank-backed Tempus AI jumps 18% in strong Nasdaq debut

Tempus AI

14/06/2024 17:10

(Updates)
    ** Shares of genetics testing firm Tempus AI  TEM.O  jump as
much as 17.9% to $43.64 in its Nasdaq debut after IPO prices at
high end of expectations
    ** TEM opens at $40 vs $37 IPO price, last up 15% at $42.54
        ** Chicago, Illinois-based Tempus valued at $6.60 bln at
open
  
    ** Tempus, which counts SoftBank  9984.T  among its
prominent investors, sold 11.1 mln shares at the top end of its
$35 to $37 marketed range to raise $410.7 mln
    ** TEM provides genomics diagnostics tests across oncology
and other areas, such as neuropsychiatry, radiology and
cardiology, to clinicians and hospital systems
    ** Founded in 2015, about a year after CEO Lefkofsky's wife
was diagnosed with breast cancer, TEM competes against firms
such as cancer test maker Guardant Health  GH.O  and oncology
testing provider NeoGenomics  NEO.O 
    ** TEM bagged ~$200 mln investment from SoftBank in April 
    ** Morgan Stanley, J.P. Morgan and Allen & Company are lead
underwriters for the IPO 

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