A roaring Rubius sets out to snag $1.8B market cap in $200M IPO
After closing two mega-rounds of investment within eight months of each other, a booming Rubius Therapeutics has just set terms for a $200 million IPO.
The Cambridge, Massachusetts-based company plans to command a $1.8 billion market cap, offering 9.53 million shares between $20 to $22 each. Rubius will list on the Nasdaq under the ticker $RUBY.
The IPO news comes days after the company announced a new $155 million project to renovate a 135,000 square-foot manufacturing site in Rhode Island for its cell therapies. Developing a new class of medicine calls for a hefty manufacturing capacity.
Rubius’ idea is to take red blood cells — designed by nature to transport oxygen — and hijack them through genetic engineering tech to get them to carry proteins needed to fight various diseases. It’s an off-the-shelf approach, rather than one personalized for each patient.
And it’s a platform play — a particular favorite of Flagship Pioneering, the startup factory that churned out Rubius.
Rubius’ platform has already attracted big financial support, raising $220 million in two round since last summer.