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Biotech company Gossamer files for IPO

New York: US Biotech company Gossamer Bio Inc on Friday filed with regulators to raise up to $264.5 million and list its shares on the Nasdaq under the symbol ‘GOSS’.
The offering comes weeks after Moderna Inc earlier this month became the sector’s biggest company to launch an IPO. The amount proposed to be raised is used to calculate registration fees, and the final size of the IPO could vary.
Biotech IPOs have performed strongly, returning on an average of around 14 percent in 2018 as of Nov. 30, according to PricewaterhouseCoopers data, compared to a broadly flat S&P 500 Index .SPX year to date. Gossamer could be targeting a public market valuation of around $1 billion, Reuters reported citing sources. The company intends to use the net proceeds from the share offering to fund research and development as well as to meet its operational expenses. (Reuters)