Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Illustration: Eniola Odetunde/Axios
Sana Biotechnology, a Seattle gene regulation startup led by several co-founders of Juno Therapeutics, raised $588 million in its IPO. The company priced 23.5 million shares at $25, for a fully diluted market value of around $4.9 billion.
Why it matters: It's the largest-ever IPO for a preclinical biotech company.
Details: Sana will list on the Nasdaq (SANA). It had raised $865 million in VC funding, including last summer at a $2.8 billion valuation, from firms like Arch Venture Partners (27.5% pre-IPO stake), Flagship Pioneering (21.4%), CPPIB (6.8%) and F-Prime Capital (5.1%).
The bottom line: "The IPO is coming less than three years after it was founded — a milestone that on average usually occurs more than eight years after initial VC financing. Juno Therapeutics was even faster to IPO [raising $265m], since it filed to go public in 2014, 16 months after its founding. Juno was sold to Celgene for $9 billion in 2018," GeekWire writes.