Axcella Health Sets IPO at 3.57 Million Shares Priced at $20 to $22 Each
April 30 2019 - 10:53AM
Dow Jones News
By Colin Kellaher
Axcella Health Inc., a biotechnology startup backed by Nestle
S.A. (NESN.EB) and Fidelity Investments, on Tuesday said it set its
initial public offering at 3.57 million shares, with an expected
price range of $20 to $22 a share.
At the midpoint of the expected range, the Cambridge, Mass.,
company said it expects net proceeds of about $66.6 million, or
roughly $77.1 million if the underwriters exercise their option to
buy an additional 535,714 shares.
Axcella said it will have about 23 million shares outstanding
after the IPO, for a valuation of about $483 million at the
$21-a-share midpoint.
Axcella, which is developing drugs aimed at regulating the human
metabolism, said it will use the proceeds to advance its current
liver and other programs.
Axcella was founded in 2008 by Flagship Pioneering, which
finances and launches life-sciences startups. The company has
raised about $200 million in capital from investors including
Flagship, Fidelity, Nestle, and growth and venture firm Gurnet
Point Capital Ltd.
According to a filing with the Securities and Exchange
Commission, Flagship will hold a 35.9% stake in Axcella after the
IPO, while Fidelity will owns 11.1%, Nestle will hold 8.8% and
Gurnet Point will own 5.6%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 30, 2019 10:38 ET (14:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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