The Alphabet-backed immunotherapy developer secured nearly $588m in what was reputedly the largest ever flotation for a preclinical life sciences company.

US-based stem cell medicine developer Sana Biotechnology raised almost $588m on Wednesday in an upsized initial public offering representing an exit for GV, a subsidiary of internet and technology group Alphabet. The company issued 23.5 million shares on the Nasdaq Global Select Market, up from a planned 15 million, priced at $25.00 each, above the…

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