Kronos Bio sets terms for IPO, to be valued at up to $924 million

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Kronos Bio Inc. set terms of its initial public offering, in which the California-based biopharmaceutical company looks to raise up to $185.3 million. The company is offering 10,294,118 shares in the IPO, which is expected to price between $16 and $18 a share. With 51,333,367 shares outstanding after the IPO, the pricing could value Kronos at up to $924.0 million. The stock is expected to list on the Nasdaq under the ticker symbol “KRON.” Goldman Sachs, Jefferies, Cowen and Piper Sandler are the lead underwriters. For the six months ended June 30, Kronos recorded a net loss of $15.6 million on no revenue, after a loss of $6.6 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 27.4% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF has slipped 3.4% and the S&P 500 has gained 7.0%.
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