Scribe Therapeutics IPO Raises $128.7M, Shares Soar 44.33% on First Trading Day

According to SEC filings, Scribe Therapeutics, a clinical-stage developer of cardiac gene therapies backed by Eli Lilly, raised $128.7 million in its U.S. IPO on Friday, with shares surging 44.33% at the close.

Sanofi's affiliate agreed to purchase approximately $7.5 million in shares at IPO price as part of a concurrent private placement. Eli Lilly, an existing backer of Scribe, expressed interest in acquiring additional shares through the IPO to hold up to 11% of the company post-offering.