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Tempus AI Prices $410.7M Initial Public Offering

NEW YORK – Tempus AI announced Friday that it has priced its initial public offering of 11.1 million shares at $37.00 per share with expected gross proceeds of $410.7 million. 

The shares are expected to begin trading on the Nasdaq Global Select Market on June 14 under the ticker symbol TEM, and the offering is expected to close on June 17. 

Tempus has granted the offering's underwriters a 30-day option to purchase up to an additional 1,665,000 shares of its Class A common stock at the IPO price, less underwriting discounts and commissions. 

Morgan Stanley, JP Morgan, and Allen & Company are acting as lead bookrunning managers for the offering. BofA Securities and TD Cowen are acting as additional bookrunning managers, and Stifel, William Blair, Loop Capital Markets, and Needham & Company are acting as co-managers for the offering. 

Tempus' flagship technology is its Tempus Platform, which includes a technology platform to collect healthcare data and an operating system to "make the resulting data useful," the firm said in its SEC filing announcing the offering last month. The technology has allowed the company "to amass what we consider to be one of the largest libraries of clinical and molecular oncology data in the world," it added. 

The platform includes proprietary software and data pipelines with healthcare institutions that provide the company with "complex multimodal data in near real time." 

The Chicago-based firm is using its platform in oncology and other areas, including neuropsychology, radiology, and cardiology, with the intention of eventually deploying it in all major disease areas globally. It offers a variety of services, including clinical next-generation sequencing for oncology. 

Earlier this week, Guardant filed a lawsuit against Tempus alleging patent infringement related to liquid biopsy sequencing methods.