Sana Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Sana Biotechnology, Inc. (Nasdaq: SANA) has successfully closed its upsized initial public offering, selling 27,025,000 shares at $25.00 each, totaling approximately $675.6 million in gross proceeds. This amount includes the full exercise of underwriters' options for an additional 3,525,000 shares. With a focus on engineered cells as medicines, Sana aims to transform disease treatment. The offering was managed by major banks, including Morgan Stanley and Goldman Sachs, and the shares are listed on the Nasdaq Global Select Market.

Positive

• Raised approximately $675.6 million from the IPO, enhancing financial resources for growth.
• Focus on engineered cell therapies positions the company for significant market opportunities.

Negative

• Dilution risk for existing shareholders due to the large number of shares issued in the IPO.

SEATTLE, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Sana Biotechnology, Inc. (Nasdaq: SANA), a company focused on creating and delivering engineered cells as medicines, today announced the closing of its upsized initial public offering of 27,025,000 shares of its common stock at a public offering price of $25.00 per share, which includes the full exercise by the underwriters of their option to purchase 3,525,000 additional shares of common stock. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Sana, were approximately $675.6 million. All of the shares of common stock were offered by Sana. Sana’s common stock is listed on The Nasdaq Global Select Market under the ticker symbol “SANA.”

Morgan Stanley, Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities acted as joint book-running managers for the offering.

Registration statements relating to the shares being sold in this offering were filed with the Securities and Exchange Commission and became effective on February 3, 2021. The offering was made only by means of a prospectus, copies of which may be obtained from: Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmorgan.com, or by telephone at (866) 803-9204; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Sana

Sana Biotechnology, Inc. is focused on creating and delivering engineered cells as medicines for patients. Sana shares a vision of repairing and controlling genes, replacing missing or damaged cells, and making its therapies broadly available to patients. Sana is more than 250 people working together to create an enduring company that changes how the world treats disease. Sana has operations in Seattle, Cambridge, and South San Francisco.

Investor Relations:
Nicole Keith
investor.relations@sana.com

Media:
Morgan Warners, Finsbury Glover Hering
media@sana.com

FAQ

What is the significance of Sana Biotechnology's IPO on February 8, 2021?

Sana Biotechnology's IPO raised approximately $675.6 million, enhancing its financial resources for developing engineered cell therapies.

How many shares did Sana Biotechnology offer in its IPO?

Sana Biotechnology offered a total of 27,025,000 shares in its IPO.

What was the public offering price for Sana Biotechnology's shares?

The public offering price for Sana Biotechnology's shares was $25.00 each.

Who managed the Sana Biotechnology IPO?

The IPO was managed by Morgan Stanley, Goldman Sachs, J.P. Morgan, and BofA Securities.

What is the potential risk for shareholders following Sana Biotechnology's IPO?

There is a dilution risk for existing shareholders due to the large number of shares issued in the IPO.