NEW YORK – Twist Bioscience said Tuesday after the close of the market that it intends to sell up to $100 million of its common stock in an underwritten public offering.
Twist said it plans to use the proceeds to invest in its research and development organization, including pharmaceutical biologics drug discovery and DNA data storage; to scale its next-generation sequencing commercial operations; and to expand its production capacity. The company will also use the funds for working capital and general corporate purposes.
JP Morgan, Cowen, and Evercore Group are acting as joint book-running managers and Robert W. Baird as lead manager.
In December, Twist entered into an agreement with Cowen to sell up to $50 million in stock, following a shelf registration filed with the US Securities and Exchange Commission in November. Twist also completed an offering of approximately 2.2 million shares of common stock in January, raising about $48.2 million. The company went public in October 2018 with an initial $86.3 million offering and raised an additional $84 million in May 2019.
Twist intends to grant the underwriters a 30-day option to purchase up to $15 million worth of its common stock.