Bayer-Backed Boundless Bio Falls 11% After $100 Million IPO
(Bloomberg) -- Shares of Boundless Bio Inc., a cancer therapeutics maker that counts Bayer AG among its largest investors, fell nearly 11% after raising $100 million in a US initial public offering.
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The San Diego-based company’s shares declined to $14.25 each on Thursday, below their IPO price of $16 — the midpoint of a $15 to $17 marketed range.
The trading gives Boundless Bio a market value of about $317 million, based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Accounting for employee stock options and restricted stock units, the company would have a fully diluted value of around $490 million.
Boundless Bio is a clinical-stage oncology company whose therapies target extrachromosomal DNA, which causes certain types of cancers. The company raised $100 million last May in a series C round co-led by Leaps by Bayer and RA Capital Management, according to a statement. ARCH Venture Partners has an 11.2% stake in Boundless Bio after the offering, while Bayer owns 6.6%, the filings show.
The offering is being led by Goldman Sachs Group Inc., Leerink Partners, Piper Sandler Cos. and Guggenheim Securities, the filings show. Boundless Bio trades on the Nasdaq Global Select Market under the symbol BOLD.
(Updates with closing price throughout.)
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