Editing Sixth Street-backed Caris Life Sciences Targets $5.3 Billion...

<br>June 9 (Reuters) - Cancer diagnostic firm Caris Life Sciences said on Monday it is targeting a valuation of up [https://jetblacktransportation.com/blog/taxi-to-jfk-airport-from-manhattan-a-gritty-2025-guide/ airport taxi to jfk] $5. If you have any thoughts about exactly where and how [https://jetblacktransportation.com/blog/taxi-to-jfk-airport-from-manhattan-a-gritty-2025-guide/ airport taxi to jfk] use [https://jetblacktransportation.com/ JetBlack], you can get hold of us at our site. 35 billion in its initial public offering in the United States.<br><br>Irving, Texas-based Caris, backed by investment firm Sixth Street, plans to raise up to $423.5 million by offering 23.5 million shares priced between $16 and $18 apiece.<br><br>The IPO market is heating up as high-profile companies move ahead with their stock market listings in a calmer period after tariff-related volatility stifled deal activity earlier this year.<br><br>Founded in 2008, Caris specializes in precision oncology and helps diagnose cancer through its tumor profiling and blood-based cancer diagnostics.<br><br>The company, whose rivals include Roche's Foundation Medicine, Guardant Health, and Grail, generates a majority of its revenue from its tissue-based molecular profiling which helps select the appropriate cancer therapy.<br><br>Caris, which has run more than 6.5 million tests on 849,000 cases, last year broadly launched its blood-based molecular profiling. The company works with over 100 biopharma partners, including Moderna, AbbVie, and Xencor .<br><br>The flotation comes roughly a year after SoftBank-backed precision medicine firm Tempus AI went public in New York. Its shares have risen 67.8% from their offer price as of Friday's close.<br><br>In 2021, Caris raised $830 million at a $7.83 billion valuation in a Sixth Street-led funding round.<br><br>Caris is also backed by J.H. Whitney, one of the oldest U.S. private equity firms. Investment management firm Neuberger Berman has indicated it may buy up [https://jetblacktransportation.com/blog/taxi-to-jfk-airport-from-manhattan-a-gritty-2025-guide/ airport taxi to jfk] $75 million of shares in the offering.<br><br>The company will trade on the Nasdaq under the symbol "CAI." BofA Securities, J.P. Morgan, Goldman Sachs, and Citigroup are the lead underwriters for the offering.<br><br>CEO David Halbert will own about 41.7% of Caris after the offering. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Leroy Leo)<br><br>