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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.

Go deeper

Updated 45 mins ago - Health

California surpasses 50,000 COVID-19 deaths

A man prepares a funeral arrangement in in Los Angeles, California, Feb. 12. Photo: Mario Tama/Getty Images

California's death toll from COVID-19 surpassed 50,000 on Wednesday, per Johns Hopkins data.

The big picture: It's the first state to record more than 50,000 deaths from the coronavirus.

2 hours ago - Technology

Facebook bans Myanmar military

A protester holds a placard with a three-finger salute in front of a military tank parked aside the street in front of the Central Bank building during a demonstration in Yangon, Myanmar. Photo by Aung Kyaw Htet/SOPA Images/LightRocket via Getty Images

Facebook said on Wednesday it would ban the rest of the Myanmar military from its platform.

The big picture: It comes some three weeks after the military overthrew the civilian government in a coup and detained leader Aung San Suu Kyi, causing massive protests to erupt throughout the country. Military leaders have been using internet blackouts to try to maintain power in light of the coup.

It's harder to fill the Cabinet

Data: Chamberlain, 2020, "United States of America Cabinet Appointments Dataset" Chart: Will Chase/Axios

It's harder now for presidents to win Senate confirmation for their Cabinet picks, an Axios data analysis of votes for and against nominees found.

Why it matters: It's not just Neera Tanden. The trend is a product of growing polarization, rougher political discourse and slimming Senate majorities, experts say. It means some of the nation's most vital federal agencies go without a leader and the legislative authority that comes with one.