Caris Life Sciences, which offers an AI-powered molecular diagnostics platform focused on oncology, raised $494 million by offering 23.5 million shares at $21, above the upwardly revised range of $19 to $20. The company had originally planned to offer the same number of shares at a range of $16 to $18, before increasing the range on Monday. Insiders had indicated on $75 million worth of shares in the offering (now 15% of the deal). At pricing, Caris commands a fully diluted market value of $6.1 billion, 17% higher than originally anticipated.
The company is developing and commercializing a platform meant to incorporate next-generation sequencing, artificial intelligence, and machine learning technologies to develop precision medicine diagnostic solutions meant to treat cancer. Caris Life Sciences states that its platform is based off of a data set with more than 6.5 million tests, run on over 849,000 cases, and has generated measurements of over 38 billion molecular markers. Its current commercial product portfolio is focused on oncology and consists of MI Profile, a tissue-based molecular profiling solution that has generated the majority of its revenue to date, and Caris Assure, a blood-based molecular profiling solution that was broadly launched in the first quarter of 2024 for therapy selection.
Caris Life Sciences plans to list on the Nasdaq under the symbol CAI. BofA Securities, J.P. Morgan, Goldman Sachs, Citi, TD Cowen, Evercore ISI, and Guggenheim Securities acted as joint bookrunners on the deal.
