Scribe Therapeutics (SCTX), a gene-editing company backed by Eli Lilly NYSE:LLY, raised $128.7 million after pricing an upsized initial public offering at the top of its expected range.
The biotech sold 8.58 million shares at $15 each, with all of the stock coming directly from the company. Its shares are expected to begin trading on Nasdaq on July 24 under the ticker SCTX, while the offering is scheduled to close on July 27.
Scribe develops gene-editing treatments using CRISPR-based technology, with the goal of creating more precise and potentially safer therapies for serious diseases. Eli Lilly's involvement gives the company added credibility as it moves its research programs toward clinical development.
Pricing the deal at the high end and increasing its size suggest investors were willing to take on fresh biotech risk despite the sector's typically volatile backdrop.