Sana Announces Upsized Pricing of Initial Public Offering

Rhea-AI Summary

Sana Biotechnology, Inc. (SANA) has announced the pricing of its upsized initial public offering (IPO) of 23,500,000 shares at $25.00 per share, aiming for gross proceeds of $587.5 million. The IPO is set to trade on the Nasdaq Global Select Market starting February 4, 2021, with the offering closing on February 8, 2021. Additionally, underwriters have a 30-day option to purchase up to 3,525,000 shares, potentially increasing proceeds to approximately $675.6 million. Major banks involved include Morgan Stanley and Goldman Sachs.

Positive

• Upsized IPO of 23,500,000 shares priced at $25.00 per share.
• Expected gross proceeds of $587.5 million, with potential total of $675.6 million if the over-allotment option is exercised.
• Trading on Nasdaq under ticker 'SANA' enhances visibility and liquidity for the company.

Negative

• All shares in the offering are sold by Sana, which may not provide immediate capital for operations.

SEATTLE, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Sana Biotechnology, Inc. (Sana) (Nasdaq: SANA), a company focused on creating and delivering engineered cells as medicines, today announced the pricing of its upsized initial public offering of 23,500,000 shares of its common stock at a public offering price of $25.00 per share. All of the shares of common stock are being offered by Sana. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Sana, are expected to be $587.5 million. Sana’s common stock is expected to begin trading on The Nasdaq Global Select Market on February 4, 2021, under the ticker symbol “SANA.” The offering is expected to close on February 8, 2021, subject to the satisfaction of customary closing conditions. In addition, Sana has granted the underwriters a 30-day option to purchase up to an additional 3,525,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions, and, if exercised in full, would result in aggregate gross proceeds of approximately $675.6 million.

Morgan Stanley, Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are acting 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 is being made only by means of a prospectus, copies of which may be obtained, when available, 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 IPO size for Sana Biotechnology (SANA)?

Sana Biotechnology is offering 23,500,000 shares in its IPO.

What is the expected gross proceeds from Sana's IPO?

The expected gross proceeds from the IPO are approximately $587.5 million.

When will Sana's common stock begin trading?

Sana's common stock is expected to begin trading on February 4, 2021.

What is the purpose of Sana's IPO?

The IPO aims to raise capital, although all shares are sold by the company.

Who are the underwriters for Sana's IPO?

Morgan Stanley, Goldman Sachs, J.P. Morgan, and BofA Securities are acting as joint book-running managers for the offering.