(Bloomberg) -- Boundless Bio Inc., a cancer therapeutics maker that counts Bayer AG among its largest investors, raised $100 million in a US initial public offering after pricing shares at the midpoint of a marketed range.

The San Diego-based company sold 6.25 million shares on Wednesday for $16 each, according to a statement. The company had marketed the shares for $15 to $17, its filings with the US Securities and Exchange Commission show.

At that price, Boundless Bio would have a market value of $356 million, based on the outstanding shares listed in its filings. Accounting for employee stock options and restricted stock units, the company would have a fully diluted value of $550 million.

Founded in 2018 by ARCH Venture Partners, Boundless Bio is a clinical-stage oncology company whose therapies target extrachromosomal DNA, which causes certain types of cancers. The company raised $100 million last May in a series C round co-led by Leaps by Bayer and RA Capital Management, according to a statement.

ARCH will continue to have an 11.2% stake in Boundless Bio after the offering, the filings show. FMR LLC will control 10.6% of the shares, RA Capital will have 8.4% and Bayer will beneficially own 6.6%.

Boundless Bio had a net loss of $49 million in 2023, about 7% larger than its $46 million loss in the previous year, the filings show. 

The offering is being led by Goldman Sachs Group Inc., Leerink Partners, Piper Sandler Cos. and Guggenheim Securities, the filings show. Boundless Bio is set to begin trading on the Nasdaq Global Select Market Thursday under the symbol BOLD.

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