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Orphan disease biotech Fate Therapeutics sets terms for $60 million IPO

Posted
9/3/2013 8:46:00 AM
By: Renaissance Capital
Referenced Stocks:FATE

Fate Therapeutics, a clinical-stage biotech developing stem cell treatments for orphan diseases, announced terms for its IPO on Tuesday. The San Diego, CA-based company plans to raise $60 million by offering 4.0 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Fate Therapeutics would command a market value of $219 million.

 Fate Therapeutics, which was founded in 2007 and booked $2 million in collaboration and grant revenue for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol FATE. Fate Therapeutics initially filed confidentially on June 20, 2013. Cowen & Company and BMO Capital Markets are the joint bookrunners on the deal.