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

genetic medicines company metagenomics Technologies said on Thursday that it aims to Evaluation Its US initial public offering raised $563 million (IPO), a number that is at the lower end of its initial target range.
Company, supported by Moderna And Bayer Healthcare plans to raise about $93.8 million by selling 6.25 million shares at $15 a share.
This is the low end of its price range of $15-$17 per share. At $17 per share, Metagenomics would have had a market value of $638 million.
Metagenomics, one of the health care companies that has recently sought to go public, is developing treatments for genetic diseases such as hemophilia A.
All of its revenue is generated from three collaboration agreements, including one with Moderna, and not from any product sales. The company has still not made profit.

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