De­nali IPO hits a 2017 record $1.7B mar­ket val­u­a­tion, rais­ing $250M for neu­rode­gen­er­a­tion R&D

De­nali Ther­a­peu­tics’ team plans to break through a lot of bar­ri­ers in biotech — most no­tably look­ing to de­vel­op a drug for Alzheimer’s that ac­tu­al­ly works af­ter 15 years of fail­ure in the in­dus­try. This week, they set­tled for break­ing the 2017 record for ini­tial mar­ket val­u­a­tion dur­ing a biotech IPO.

The South San Fran­cis­co-based biotech — based in Oys­ter Point close to Genen­tech, where sev­er­al of the ex­ec­u­tive team came from — raised $250 mil­lion af­ter pric­ing shares at $18, right in the mid­dle of the range. And that gives the very ear­ly-stage biotech a mar­ket val­u­a­tion of $1.7 bil­lion, pass­ing a top mark that had been held by Abl­ynx, which start­ed out at $1.3 bil­lion.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER