IPO bound? Crossovers join big syndicate backing Precision BioSciences’ $110M gene editing round
With a base in Durham, NC, Precision BioSciences has managed to stay off the gene-editing radar that has spotlighted some of the leading players in the field. But that doesn’t mean that investors have been ignoring the work.
On Wednesday a broad mix of investors — including some notable crossovers — wrapped a $110 million raise for the biotech, putting them in the big leagues in terms of the mega-money flowing in that direction these days. Once a rare sight, these big raises have become almost routine in biotech this year, especially when tied to something as hot as a gene editing platform.
The company has been refining its work with homing nucleases, which they believe can more precisely edit a gene without off-target effects. And the company is not in the least shy in carving out a big mission statement. To wit:
Our mission is to cure genetic disease, overcome cancer, and feed the planet.
Here’s the full tally in the syndicate, indicating that an S-1 filing may not be that far away:
ArrowMark Partners led the deal and was joined by new investors Franklin Templeton Investments, Cowen Healthcare Investments, Brace Pharma Capital, Pontifax AgTech, OCV Partners, Adage Capital Management, Cormorant Asset Management, Gilead Sciences, Vivo Capital, Alexandria Venture Investments, Ridgeback Capital, Agent Capital, and entities affiliated with Leerink Partners. Existing investors venBio, F-Prime, RA Capital Management, Amgen Ventures, Osage University Partners, DUMAC, and the Longevity Fund also participated in the financing.
Just a few days ago the company split off its ag operations into a separate company, another indication of the future this company is planning for itself.