Caris Life Sciences, backed by Sixth Street, targets a $5.35 billion valuation in its upcoming U.S. IPO

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📌 What You Need to Know

Company & Background

• Caris Life Sciences is a cancer diagnostics firm based in Irving, Texas, founded in 2008. axios.comreuters.comdevdiscourse.com

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• It specializes in precision oncology through tumor profiling and blood-based molecular diagnostics, performing over 6.5 million tests across nearly 849,000 patient cases. reuters.comfiercebiotech.com

IPO Details

• Plans to sell 23.5 million shares at $16–18 each, raising approximately $423.5 million. fiercebiotech.comreuters.comaxios.com

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• Expected valuation: $5.35 billion. finance.yahoo.comreuters.comdevdiscourse.com

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• Stock will trade on Nasdaq under the ticker CAI, with lead underwriters BofA Securities, J.P. Morgan, Goldman Sachs, and Citigroup. devdiscourse.comeuters.comaxios.com+

Ownership & Backing

• CEO David Halbert will retain ~41.7% control post-IPO. axios.comreuters.comfiercebiotech.com

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• Major investor Sixth Street remains a key stakeholder, alongside J.H. Whitney and Neuberger Berman—the latter may acquire up to $75 million in shares. reuters.com

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📈 Industry Context

• Biotech market rebound: This IPO marks part of a recent resurgence in biotech listings after earlier volatility dampened deal flow. axios.comreuters.comfiercebiotech.com

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• Competitive landscape: Caris competes with Roche's Foundation Medicine, Guardant Health, Grail, and peers like Tempus AI. Notably, Tempus, which IPO’d in 2024, has seen its share price rise ~68% above its offering price. reuters.comaxios.com

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🔍 Why It Matters

• Growth momentum: Revenue jumped from $306 million in 2023 to $412 million in 2024, with Q1 2025 bringing in $120.9 million. fiercebiotech.com

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• Advanced diagnostics: Offers FDA-cleared cancer tests, including tissue and liquid biopsy platforms (e.g., MI Cancer Seek). The company employs AI/ML to identify pathogenic mutations, with an average of 130 novel ones per case. fiercebiotech.com

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• Funding history: Previously raised $830 million in 2021 at a $7.83 billion valuation—this IPO positions them at a somewhat reduced, though still substantial, valuation. axios.comreuters.com

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🧩 Summary

Caris’s U.S. IPO aims at a $5.35 billion valuation, signaling renewed confidence in the biotech sector. With robust diagnostic capabilities, global case volume, and solid financial growth, Caris is carving a strong path to market. Backing from Sixth Street and interest from institutional investors enhances its credibility. Nonetheless, investors will be watching for revenue trajectory, profit margins, and competitive dynamics with peers like Foundation Medicine and Guardant Health.

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