Gene editing loses its sizzle. CRISPR Therapeutics IPO debuts beneath the range
Some of the bloom has come off the rose of gene editing. CRISPR Therapeutics had to accept $14 a share to launch its IPO, a bit below the range that it had set for itself. And that had to be a disappointing debut after rivals Editas and Intellia were both able to fire off hot offerings earlier in the year — though they have also been feeling the chill more recently.
CRISPR Therapeutics $CRSP still came away with $56 million from the maiden offering, adding $35 million with a sale of 2.5 million shares to its big partner Bayer under their earlier pact. Add it up and the $91 million does drop into the same ballpark as the $94.4 million score by Editas and the $108 million reaped by Intellia in the spring. But it’s significantly less than what the biotech was angling for.
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