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April 16, 2021, 6:11 a.m. EDT

Biomea Fusion's upsized IPO prices at top of expected range, to value the biotech at $464 million

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By Tomi Kilgore

Biomea Fusion Inc. /zigman2/quotes/226063889/composite BMEA +5.05% was set to go public Friday, as the California-based biopharmaceutical company focused on treatment of genetically defined cancers said its upsized initial public offering priced at $17 a share, at the high end of the expected range of between $15 and $17 a share. The company said late Thursday that it offered 9.0 million shares in the IPO, up from previous expectations of 7.5 million shares, to raise $153 million. At the IPO pricing, Biomea was valued at $463.6 million. The stock is expected to trade on the Nasdaq under the ticker symbol "BMEA." J.P. Morgan, Jefferies and Piper Sandler are book-running managers. The company recorded a net loss of $5.3 million on no revenue in 2020 after a loss of $1.2 million on no revenue in 2019. The company is going public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +1.40% has lost 3.6% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.85% has gained 10.7%.

/zigman2/quotes/226063889/composite
US : U.S.: Nasdaq
$ 16.85
+0.81 +5.05%
Volume: 184,669
May 18, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$461.44 million
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 57.06
+0.79 +1.40%
Volume: 319,646
May 18, 2021 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,127.83
-35.46 -0.85%
Volume: 2.33B
May 18, 2021 5:16p
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