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Israel's Gamida Cell sets price range for IPO

Gamida Cell Ltd. set a price range of $13 to $15 per share for its IPO on Nasdaq.

The Israeli stem cell therapy developer plans to offer 3,571,429 common shares and has applied to list on the Nasdaq Global Market under the symbol GMDA.

BMO Capital Markets Corp. and RBC Capital Markets LLC are acting as joint book-running managers of the offering while Needham & Co. LLC and Oppenheimer & Co. Inc. are serving as co-lead managers.

The underwriters can buy up to an additional 535,714 shares from the company to cover overallotments, if any.

Assuming a share price of $14 apiece, Gamida expects to raise $44.2 million from the IPO. These proceeds would go up to $51.2 million if the overallotment option is fully exercised.

Gamida Cell said certain existing shareholders, including Novartis AG unit Novartis Pharma AG, have shown interest in purchasing about $30 million of the shares. However, no binding agreements are signed and the sale might not happen.

Gamida intends to use about $20 million to $30 million to fund a phase 3 trial of its lead product, NiCord, which is being developed as a stem cell graft for patients who need a hematopoietic stem cell transplant. The candidate has received orphan drug designation by the U.S. Food and Drug Administration and European Medicines Agency and breakthrough therapy status by the U.S. FDA.

The company also plans to invest about $5 million to $10 million in its NAM-NK program, a product candidate in early stage development for treating solid tumors such as multiple myeloma and non-Hodgkin lymphoma.

The remainder of the proceeds from the IPO will be used for general working capital and corporate purposes.