Beta Bionics, a company specializing in insulin delivery devices, has announced the terms of its upsized initial public offering.
Based on its most recent disclosure to the U.S. Securities and Exchange Commission, the business wants to generate $113 million by selling 7.5 million shares valued between $14 and $16 apiece.
Underwriters have a 30-day option to purchase extra 1.13 million shares from present owners at IPO price. Beta Bionics will not profit monetarily from the sales of this secondary share. Under the ticker "BBNX," the company's stock is poised for Nasdaq launch. Leading underwriters include Leerink Partners, Piper Sandler, and BofA Securities.
Apart from the public sale, the business intends to make a private placement of $17 million worth of shares to Wellington Hadley Harbor Aggregator IV, an 11% Beta Bonics equity holder. The conclusion of the IPO guarantees this private placement.
Based on an earlier SEC disclosure, Beta Bionics first sought to raise $100 million. Still, the objective was raised in the most current file. Based in Irvine, California, the FDA-approved iLet Bionic Pancreas, the company's main product, treats type 1 diabetes. The gadget finds insulin dosages using adaptive closed-loop algorithms, therefore eliminating human counting of carbohydrate consumption. The business is also looking at using it for treatment of type 2 diabetes.
Among rivals in the insulin pump industry are Medtronic (MDT, Financials), Insulet (PODD, Financials), and Tandem Diabetes Care (TNDM, Financials).
