Novartis-backed GenSight Biologics sets terms for $65 million IPO

GenSight Biologics, which is developing gene therapies for rare retinal diseases, announced terms for its IPO on Tuesday.

The Paris, France-based company plans to raise $65 million by offering 4.7 million shares at a price range of $13 to $15. At the midpoint of the proposed range, GenSight Biologics would command a fully diluted market value of $282 million. The company originally filed for a $100 million IPO in July.

The year's other retinal gene therapy biotech, Spark Therapeutics (ONCE), is currently the best-performing IPO of 2015, up 160% from its offer price. Other eye-focused gene therapy biotechs Avalanche Biotechnologies (AVAL; -56%) and Applied Genetic Technologies (AGTC; +3%) have not performed as well.

GenSight Biologics, which was founded in 2012, plans to list on the Nasdaq under the symbol GNST. Leerink Partners, Evercore ISI and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price during the week of November 2, 2015.