18-06-2025
Caris Life Sciences raises $494M in IPO
Caris Life Sciences, a cancer diagnostics and treatment biotech, raised $494 million in its IPO at $21 per share, above its previously planned $19 to $20 per share range.
By the numbers: The offering values Caris at about $5.95 billion, based on outstanding shares, lower than its 2021 valuation of $7.83 billion.
It is expected to begin trading Wednesday on the Nasdaq under CAI. BofA Securities, JPMorgan, Goldman Sachs and Citigroup are leading.
Catch up quick: Caris set terms June 9, aiming to sell 23.5 million shares for $16 to $18 but raised its range on Monday, planning to raise $470.6 million at the high end.
Caris last raised in 2021, snagging $830 million in a growth equity round led by Sixth Street.
The latest: The company, with 1,700 employees, reported a net loss of $127 million on $120.9 million in revenue during Q1 of this year. That's an improvement from a net loss of $134.1 million on $80.7 million in revenue over the same period a year ago.
Caris says it has more than 90 payer contracts and over 100 biopharma partners.
Company founder and chairman David D. Halbert is slated to own nearly 44% of the company based on a public offering price of $19.50 per share, per the company's updated filing.
State of play: Caris' IPO signals the public markets may be reopening to biotech companies, which have grappled with various headwinds this year, spooking generalist investors.
