Sixth Street-backed Caris Life Sciences is targeting a valuation of up to $5.35bn through its upcoming IPO on Nasdaq, as the cancer diagnostics firm looks to raise $423.5m by selling 23.5 million shares at $16 to $18 each.

The Texas-based company, which also counts J.H. Whitney among its backers, is positioning itself as a leader in precision oncology. Caris provides tumour profiling and blood-based molecular diagnostics to guide cancer treatment, and has performed more than 6.5 million tests across 849,000 patient cases.

This flotation follows its $830m funding round in 2021 led by Sixth Street, which valued the company at $7.83bn. Caris’ biopharma collaborations span over 100 partners, including Moderna, AbbVie, and Xencor.

Neuberger Berman has indicated it may invest up to $75m in the IPO, which will see the company listed under the ticker symbol “CAI”. BofA Securities, JPMorgan, Goldman Sachs, and Citigroup are acting as lead underwriters.

CEO David Halbert will retain a 41.7% stake following the offering. The IPO also reflects renewed interest in the public markets following a quieter period earlier this year, with peers like Tempus AI delivering strong post-listing performance.

Source: Reuters

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