Tumor AI diagnosis platform Caris (CAI.US) raises its IPO price to $21, with a potential market value of $6.1 billion.

The artificial intelligence molecular diagnostic platform Caris Life Sciences, focusing on oncology, issued 23.5 million shares of stock at a price of $21 per share, raising $494 million, higher than the revised range of $19 to $20. The company initially planned to issue the same number of shares at a price of $16 to $18, but raised the offering price on Monday. Sources familiar with the matter said the shares issued this time are valued at $75 million (now accounting for 15% of the trade). Based on the pricing, Caris' fully diluted market value is $6.1 billion, 17% higher than originally expected. The company is developing a platform and commercializing it, which aims to combine next-generation sequencing, artificial intelligence, and machine learning technologies to develop precision medicine diagnostic solutions for cancer treatment. Caris stated that its platform is based on a dataset of over 6.5 million tests, running in over 849,000 cases, and producing measurements of over 38 billion molecular markers. The company's current commercial product portfolio is mainly focused in the oncology field, including MI Profile (a tissue-based molecular analysis solution) and Caris Assure (a blood-based molecular analysis solution), which has been widely launched in the first quarter of 2024 for treatment selection. Caris Life Sciences plans to list on the NASDAQ under the ticker symbol CAI. BofA Securities, J.P. Morgan, Goldman Sachs, Citi, TD Cowen, Evercore ISI, and Guggenheim Securities serve as joint book-runners for this transaction.