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IPO Roundup: Passage Bio ups IPO share offering by 35%

The Philadelphia-based company now plans to raise $170 million by offering 10 million shares, 2.6 million more than originally planned

Forklift lifting the final wooden block to create the word 'IPO'
The upsized offering would give the company a fully diluted market cap of $757 million

Passage Bio Inc (NASDAQ:PASG), a preclinical biotechnology company focused on central nervous system disorders, opted to boost its IPO share offering on Thursday.

The Philadelphia-based company now plans to raise $170 million by offering 10 million shares, 2.6 million more than originally planned, at a price between $16 and $18 per share.

READ: IPO Roundup: Passage Bio lone IPO this week; Chinese medical education platform Zhongchao begins trading

The resulting offer would raise 35% more in proceeds than the previously expected $126 million and would give the company a fully diluted market cap of $757 million, according to IPO research firm Renaissance Capital.

Passage Bio, founded in 2017, recently launched a strategic research collaboration with the Trustees of the University of Pennsylvania's Gene Therapy Program.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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