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Translate Bio sets share count, price range for IPO

Translate Bio Inc. is looking to sell 7.7 million common shares at a price between $12 and $14 apiece in its IPO.

The company also granted underwriters an option to buy up to an additional 1,155,000 shares in the offering.

Translate Bio has applied to list its common shares on the Nasdaq Global Market under the TBIO symbol.

Net proceeds from the IPO are expected to be about $89.0 million, or about $103.0 million if the underwriters fully exercise their overallotment option, assuming an IPO price of $13 per share.

The Lexington, Mass.-based company will use the net proceeds to develop MRT5005 for treating cystic fibrosis, a genetic disorder that mostly affects the lungs, but also the pancreas, liver, kidneys and intestine; and MRT5201 intended to treat ornithine transcarbamylase, a hereditary disorder that causes too much ammonia accumulation in the blood.

A portion of the IPO's proceeds will also go to the discovery and additional preclinical research and development of other product candidates and platform enhancement, as well as for working capital and other general corporate purposes.

Citigroup Global Markets Inc., Leerink Partners LLC and Evercore Group LLC are acting as joint book-running managers in the IPO.

Translate Bio is engaged in the development of treatments for diseases caused by protein or gene dysfunction.