Renaissance Capital logo

Heart disease biotech Tenaya Therapeutics sets terms for $150 million IPO

July 26, 2021

Tenaya Therapeutics, a preclinical biotech developing multiple therapies to treat heart disease, announced terms for its IPO on Monday.

The South San Francisco, CA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Tenaya Therapeutics would command a fully diluted market value of $585 million.

The company's multi-modality drug discovery platform targets both genetic and non-genetic forms of heart disease, and consists of a gene therapy program using AAVs, a cellular regeneration program which also uses viral vectors to deliver gene combinations to regenerate cardiomyocytes in the heart, and a precision medicine program using human induced pluripotent stem cell-derived cardiomyocytes. The company plans to submit INDs for its gene therapy and precision medicine platforms in 2022.

Tenaya Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol TNYA. Morgan Stanley, Cowen, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.