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The Holy Grail in cancer diagnostics: GRAIL files for an estimated $500 million IPO

September 9, 2020

GRAIL, a developer of next-gen cancer screening tests, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million.

The company has raised about $1.9 billion privately, including from Jeff Bezos' fund.

The Menlo Park, CA-based company was founded in 2015 and plans to list on the Nasdaq under the symbol GRAL. GRAIL filed confidentially on July 31, 2020. Morgan Stanley, Goldman Sachs and BofA Securities are the lead joint bookrunners on the deal; Cowen and Evercore are also bookrunners. No pricing terms were disclosed.