Sana Biotechnology, Inc. (Nasdaq: SANA), a company focused on creating and delivering engineered cells as medicines, has announced the pricing of its upsized initial public offering of 23.5 million shares of its common stock at a public offering price of US$25 per share. All of the shares of common stock are being offered by Sana. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Sana, are expected to be US$587.5 million. The offering is expected to close on February 8, 2021, subject to the satisfaction of customary closing conditions. In addition, Sana has granted the underwriters a 30-day option to purchase up to an additional 3.525 million shares of common stock at the initial public offering price, less the underwriting discounts and commissions, and, if exercised in full, would result in aggregate gross proceeds of approximately US$675.6 million.
Latham & Watkins LLP represents Sana Biotechnology in the transaction with a life sciences capital markets team led by Bay Area partner Brian Cuneo and Orange County partner Shayne Kennedy, with associates Kenneth Hagan, Nimrah Khan, Natalie Robertson, Molly Wolfe and Celia Lown. Advice was also provided on benefits and compensation matters by Bay Area partner James Metz, with Los Angeles associate Megan Ampe; on healthcare regulatory matters by Bay Area counsel Betty Pang, with associate Margaret Rote; on FDA regulatory matters by Washington, D.C. partner Elizabeth Richards, with associate Chad Jennings; on intellectual property matters by Bay Area/San Diego partner Christopher Hazuka, with associate Brendan Haberle; and on tax matters by Bay Area partner Grace Lee, with associate Janet Hsu.