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SEATTLE - Sana Biotechnology, Inc. (NASDAQ:SANA), whose stock has surged over 160% year-to-date with a current market capitalization of approximately $959 million, has priced its underwritten public offering of 20,895,522 shares of common stock at $3.35 per share, the company announced Wednesday.
The biotechnology firm, which focuses on engineered cell therapies, is also offering pre-funded warrants to purchase 1,492,537 shares at $3.3499 per warrant to certain investors. These warrants carry an exercise price of $0.0001 per share.
The gross proceeds from the offering are expected to reach approximately $75 million before deducting underwriting discounts, commissions, and other expenses. Sana has granted the underwriters a 30-day option to purchase up to an additional 3,358,208 shares.
Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, and TD Cowen are serving as joint book-running managers for the transaction, which is expected to close on or about August 8, 2025, subject to customary closing conditions.
The offering is being conducted through a Registration Statement on Form S-3 previously filed with and declared effective by the SEC. The company has filed a preliminary prospectus supplement and will file a final prospectus supplement related to the offering.
Sana Biotechnology operates facilities in Seattle, Cambridge, and South San Francisco, with a business focus on creating engineered cells as medical treatments for patients.
The information in this article is based on a press release statement from the company.
In other recent news, Sana Biotechnology reported promising six-month follow-up results from a first-in-human study of its cell therapy for type 1 diabetes. The company’s UP421 allogeneic primary islet cell therapy, using hypoimmune technology, showed survival and function of pancreatic beta cells without the need for immunosuppression. This study, conducted with Uppsala University Hospital, revealed the presence of circulating C-peptide, a key insulin production biomarker, and increased levels during a meal tolerance test. Additionally, Sana Biotechnology launched a $75 million public offering of its common stock and pre-funded warrants, with an option for underwriters to purchase an additional $11.25 million. All securities in this offering will be sold by Sana. In another development, Morgan Stanley initiated coverage on Sana Biotechnology with an Overweight rating and a $12.00 price target, highlighting the potential of its platform to develop differentiated therapies. These recent developments have drawn significant attention to the company.
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