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Deals

Jeff Bezos-backed cancer testing company Grail files for U.S. IPO

FILE PHOTO: Jeff Bezos, founder of Amazon and Blue Origin speaks during the JFK Space Summit, celebrating the 50th anniversary of the moon landing, at the John F. Kennedy Library in Boston, Massachusetts, U.S., June 19, 2019. REUTERS/Katherine Taylor

(Reuters) - U.S-based cancer testing startup Grail Inc, which has received funding from Amazon.com Inc founder Jeff Bezos, on Wednesday filed for a U.S. initial public offering.

Grail was founded by gene sequencing company Illumina Inc in 2016, with investments from ARCH Venture Partners, Sutter Hill Ventures and Bezos Expeditions, the venture investment fund of Jeff Bezos.

The company, which is developing a blood test to identify early-stage cancers, has set a placeholder amount of $100 million for the IPO, without disclosing the size of its offering.

Illumina is the majority shareholder in Grail with a 14.6% stake, according to the company’s filing with U.S. securities regulators.

Morgan Stanley, Goldman Sachs & Co LLC, and BofA Securities are acting as lead bookrunners for the proposed offering. The company has applied to list its stock on the Nasdaq under the ticker symbol “GRAL”.

Reporting by Manas Mishra and Abhishek Manikandan in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber

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