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Unlocking the human proteome: Seer sets terms for $150 million IPO

November 30, 2020

Seer, which is developing next-generation proteome analysis tests for biomedical research, announced terms for its IPO on Monday.

The Redwood City, CA-based company plans to raise $150 million by offering 8.8 million shares at a price range of $16 to $18. Fidelity, SoftBank, T. Rowe Price, and aMoon Fund have agreed to invest an additional $135 million in a concurrent private placement. At the midpoint of the proposed range, Seer would command a fully diluted market value of $1.1 billion.

The company aims to commercialize proteome research products starting with its initial product, the Proteograph Product Suite. Seer will leverage its proprietary engineered nanoparticle (NP) technology to provide rapid large-scale access across the proteome. The Proteograph Product Suite is an integrated solution that is comprised of consumables, an automation instrument, and software, and will be sold and marketed for research use only (RUO). Its first Proteograph was delivered to one of its first collaborators in October 2020, and the company expects to place another Proteograph with a second collaborator before the end of 2020, pending any COVID-19-related delays.

Seer was founded in 2017 and plans to list on the Nasdaq under the symbol SEER. J.P. Morgan, Morgan Stanley, BofA Securities and Cowen are the joint bookrunners on the deal. It is expected to price during the week of November 30, 2020.