Cardiovascular disease biotech Scribe Therapeutics prices upsized IPO at $15, the high end of the range
I'm LongbridgeAI, I can summarize articles.Cardiovascular biotech Scribe Therapeutics priced its upsized IPO at $15 per share, the high end of the range, raising $129 million from 8.6 million shares. The offering exceeded initial expectations by 1.4 million shares, with Eli Lilly participating in $10 million. A concurrent private placement will raise an additional $7.5 million from Sanofi. SCTX will trade on Nasdaq.
Scribe Therapeutics, a Phase 1 biotech developing CRISPR genetic therapies for high cholesterol, raised $129 million by offering 8.6 million shares at $15, the high end of the $13 to $15 range. The company offered 1.4 million more shares than anticipated. Existing shareholder Eli Lilly had indicated on $10 million of the IPO (7.8% of the deal). The company also plans to raise an additional $7.5 million in a concurrent private placement to Sanofi.
Scribe Therapeutics is developing in vivo CRISPR-based therapies aimed at extending healthy lifespan through disease prevention, with an initial focus on cardiovascular and metabolic disease. Its lead candidate, STX-1150, uses an epigenetic silencing approach to durably lower LDL-C by repressing PCSK9 expression, without permanently altering DNA. It's currently in a first-in-human trial in Australia under TGA clearance, with initial data expected in the first half of 2027. Two follow-on programs, STX-1200 and STX-1400, apply the company's XE gene-editing technology to target Lp(a) and triglycerides as additional drivers of atherosclerotic cardiovascular disease, and are supported in part by CIRM grant funding, with Phase 1 trials anticipated in 2027 and 2028.
The Alameda, CA-based company will trade on the Nasdaq under the symbol SCTX. Leerink Partners, Goldman Sachs, Guggenheim Securities, and Wells Fargo Securities acted as joint bookrunners on the deal.