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Wednesday, Sep 28, 2022
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Gossamer Bio Goes Public with Upsized $276M Offering

Gossamer Bio — a closely watched San Diego biotech during the government shutdown — made its public debut Feb. 8 with an upsized $276 million offering.

The San Diego biotech priced 17,250,000 shares at $16 each, exceeding an earlier $230 million target.

Three weeks ago Gossamer planned a fixed-price IPO to circumvent the government shutdown, but ultimately opted for a conventional IPO path after government workers returned.

CEO Sheila Gujrathi and executive chairman Faheem Hasnain are former executives of Receptos, which Celgene bought for $7.2 billion in 2015. But build-to-buy doesn’t seem to be in Gossamer’s gameplan.

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This summer Gujrathi told the San Diego Business Journal that the company wants to be a force for years to come in San Diego. The company debuted more than a year ago with $100 million in financing, and the biotech added a $230 million Series B round this summer.

In October, Gossamer began a phase 2b clinical trial for GB001, aimed at the lung condition eosinophilic asthma and other allergic conditions. In addition, the company has two other clinical-stage programs, along with three preclinical products.

Gossamer’s stock on Feb. 8 closed at $17.94 a share. The company has been valued at more than $1 billion.

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