Smith Anderson client Precision BioSciences has closed its initial public offering of 9,085,000 shares of common stock (which includes the full exercise of the underwriters’ option to purchase 1,185,000 additional shares of common stock) at a public offering price of $16.00 per share, for total gross proceeds of approximately $145.4 million. On March 28, Precision’s shares began trading on the Nasdaq Global Select Market under the ticker symbol “DTIL.”
Precision BioSciences is dedicated to improving life through its proprietary genome editing platform, “ARCUS.” Precision leverages ARCUS in the development of its product candidates, which are designed to treat human diseases and create healthy and sustainable food and agriculture solutions. Precision is actively developing product candidates in three innovative areas: allogeneic CAR T immunotherapy, in vivo gene correction, and food.
Smith Anderson is proud to have advised Precision on the IPO, as well as many of Precision’s important commercial collaborations since its inception in 2006, including its $1.6 billion worldwide immuno-oncology development and commercial license agreement with Shire Plc (now Les Laboratoires Servier), which won a Deals of Distinction Award™ at the 2016 Licensing Executives Society Annual Meeting; its $445 million HBV strategic collaboration with Gilead Sciences in 2018; and its recent preferred stock and convertible note financings, which raised over $175 million in gross proceeds.
The Smith Anderson team advising Precision on the IPO was led by Heyward Armstrong and Amanda Keister.