Sana puts the pieces together, prices IPO that could soon be largest ever for a biotech

Cell and gene therapy technology aggregator Sana can already say it’s raised the biggest IPO in history by a preclinical biotech. It may soon have raised the biggest by a biotech pure-play of any kind.

The offering’s performance shows high investor confidence in a company that won’t submit its first IND until next year, but has spent about two and a half years assembling various pieces from academic sources and spinouts to build an 11-program pipeline...