Prime Medicine Inc. has set terms for its initial public offering, in which the Massachusetts-based biotechnology company, which utilizes gene-editing technology to develop therapies for a wide spectrum of diseases, looks to raise up $160.2 million. The company said it is offering 8.9 million shares in the IPO, which is expected to priced between $16 and $18 a share. With 94.34 million shares expected to be outstanding after the IPO, the pricing could value the company at up to $1.70 billion. The stock is expected to list on the Nasdaq under the ticker symbol “PRME.” J.P. Morgan, Goldman Sachs, Morgan Stanley and Jefferies are the underwrites. The company recorded a net loss of $65.7 million on no revenue for the six months ended June 30, after a loss of $92.1 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has tumbled 11.1% over the past three months, while the iShares Biotechnology ETF has slipped 2.3% and the S&P 500 has declined 4.1%.
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