Orchard achieves $1.2B valuation with $200M IPO

Orchard Therapeutics Ltd. (NASDAQ:ORTX) raised $200 million on Oct. 31 in an IPO that priced at the bottom of its proposed range, but sold more ADSs than proposed. The IPO price values the company at $1.18 billion, just shy of the $1.25 billion valuation it could have achieved at the midpoint of its proposed range.

Orchard sold 14.3 million ADSs at $14 in the IPO; each ADS represents one ordinary share. It had proposed to sell 13.3 million ADSs at $14-$16. At the $15 midpoint of its proposed range, Orchard would have raised $200 million with a valuation of $1.25 billion (see "Gene Therapy Developer Orchard Proposes IPO")...