Jeff Bezos-backed cancer testing company Grail files for U.S. IPO
Reuters
Published Sep 09, 2020 07:18AM ET
Updated Sep 09, 2020 07:35AM ET
(Reuters) - U.S-based cancer testing startup Grail Inc, which has received funding from Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos, on Wednesday filed for a U.S. initial public offering.
Grail was founded by gene sequencing company Illumina Inc (NASDAQ:ILMN) in 2016, with investments from ARCH Venture Partners, Sutter Hill Ventures and Bezos Expeditions, the venture investment fund of Jeff Bezos.
The company, which is developing a blood test to identify early-stage cancers, has set a placeholder amount of $100 million for the IPO, without disclosing the size of its offering.
Illumina is the majority shareholder in Grail with a 14.6% stake, according to the company's filing with U.S. securities regulators.
Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) & Co LLC, and BofA Securities are acting as lead bookrunners for the proposed offering. The company has applied to list its stock on the Nasdaq under the ticker symbol "GRAL".
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Written By: Reuters
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