holwichaikawee Just one large IPO priced this past week, while the other scheduled deal was pulled. Two blank checks also began trading. Precision medicine company Tempus AI ( TEM ) priced at the high end to raise $411 million at a $6.
4 billion market cap. The company's Tempus Platform includes proprietary software and data pipelines to enable development of more personalized therapies. Highly unprofitable but growing, Tempus' offerings have been used by approximately 95% of the largest public pharmaceuticals, and its clinical next-generation sequencing volume in oncology rose nine-fold from 2018 to 2023.
Tempus finished up 9%. The week's other scheduled deal, Australia-listed biotech Telix Pharmaceuticals ( TLX ) pulled its $202 million US offering, citing market conditions. In a press release, the company stated that because it didn't need to raise capital, it didn't feel the proposed discounts aligned with shareholders' best interests.
Two blank check IPOs priced this past week, both of which were backed by experienced sponsor groups, a growing trend in 2024 . Gaming veteran Mark Gerhard's Centurion Acquisition ( ALFUU ) raised $250 million to target the tech sector, and biotech-focused venture firm Perceptive Advisors' Perceptive Capital Solutions ( PCSC ) raised $75 million to target healthcare. 3 IPOs During the Week of June 10th, 2024 Issuer Business Deal Size Market Cap at IPO Price vs.
Midpoint First Day Return Return at 06/14 Tempus AI ( TEM ) $411M $6,377M 3% +9% +.
