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Sixth Street-backed Caris Life Sciences targets $5.3 billion valuation in US IPO
- 6/9/2025
(Reuters) -Cancer diagnostic firm Caris Life Sciences said on Monday it is targeting a valuation of up to $5.35 billion in its initial public offering in the United States.
Irving, Texas-based Caris, backed by investment firm Sixth Street, plans to raise up to $423.5 million by offering 23.5 million shares priced between $16 and $18 apiece.
The IPO market is heating up as high-profile companies move ahead with their stock market listings in a calmer period after tariff-related volatility stifled deal activity earlier this year.
Founded in 2008, Caris specializes in precision oncology and helps diagnose cancer through its tumor profiling and blood-based cancer diagnostics.
The company, whose rivals include Roche's Foundation Medicine, Guardant Health, and Grail, generates a majority of its revenue from its tissue-based molecular profiling which helps select the appropriate cancer therapy.
Caris, which has run more than 6.5 million tests on 849,000 cases, last year broadly launched its blood-based molecular profiling. The company works with over 100 biopharma partners, including Moderna, AbbVie, and Xencor.
The flotation comes roughly a year after SoftBank-backed precision medicine firm Tempus AI went public in New York. Its shares have risen 67.8% from their offer price as of Friday's close.
In 2021, Caris raised $830 million at a $7.83 billion valuation in a Sixth Street-led funding round.
Caris is also backed by J.H. Whitney, one of the oldest U.S. private equity firms. Investment management firm Neuberger Berman has indicated it may buy up to $75 million of shares in the offering.
The company will trade on the Nasdaq under the symbol "CAI." BofA Securities, J.P. Morgan, Goldman Sachs, and Citigroup are the lead underwriters for the offering.
CEO David Halbert will own about 41.7% of Caris after the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Leroy Leo)