Moderna-backed Metagenomi cuts US IPO valuation target to $563 million

Genetic medicines company Metagenomi Technologies said on Thursday it is aiming for a valuation of $563 million in its US initial public offering (IPO), a number that is at the low end of its initial target range.

The company, backed by Moderna and Bayer Healthcare , plans to raise about $93.8 million by selling 6.25 million shares at $15 apiece.

That is the lower end of its price range of $15-$17 per share. At $17 per share, Metagenomi would have had a market value of $638 million.

Metagenomi, one of a string of healthcare companies that have recently sought to go public, is developing therapies for genetic diseases like hemophilia A.

All of its revenue has been generated from three collaboration agreements, including one with Moderna, and not any product sales. The company is yet to turn a profit.