Passage Bio Prices Upsized IPO At High End Of Range

Genetic Medicines Company Passage Bio (PASG) announced the pricing of initial public offering of 12 million common shares at $18.00 per share, the high end of the expected range of $16 to $18. The company expects to close the offering on March 3, 2020.

Passage Bio also granted underwriters a 30-day option to buy additional 1.8 million shares at public offering price, less underwriting discounts and commissions.

Previously, the company said it planned to sell 7.4 million common shares, and granted the underwriters an option for 30 days to purchase up to 1.11 million additional shares of common stock.

The company expects gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be $216.0 million.

The Philadelphia-based Passage Bio shares are expected to begin trading on the Nasdaq Global Select Market on February 28, 2020 under the ticker symbol "PASG."

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. Chardan is acting as lead manager for the offering.

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