SoftBank-backed Tempus AI jumps as much as 15% in Nasdaq debut
14/06/2024 16:59
** Shares of genetics testing firm Tempus AI TEM.O jump as
much as 14.9% in its Nasdaq debut after IPO prices at high end
of expectations
** TEM opens at $40 vs $37 IPO price, last up 14% at $42.17
** Chicago, Illinois-based 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, JPMorgan and Allen & Company are lead
underwriters for the IPO
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))