Cancer-focused Black Diamond vaults on to Nasdaq in $200M+ public debut, marking biggest biotech IPO in 2020 so far
Versant-backed Black Diamond Therapeutics has set its sights on an upsized biotech IPO to kick 2020 off.
The first startup out of Versant’s Ridgeline discovery engine in Basel is set to make its public debut on Thursday, raising gross proceeds of $201 million through the sale of 10.6 million shares priced at $19 a pop.
That exceeds the initial plan to raise $151 million by offering 8.9 million shares at a price range of $16 to $18 — a positive sign that the IPO window is still wide open for business, especially for cancer biotechs. Oncology is lucrative, with cancer fast catching up with cardiovascular disease as the most deadly condition in the developed world.
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