Dicerna Pharma Feeds Growing Trend in NE, Goes Public
January 31, 2014
Dicerna Pharmaceuticals, a developer of treatments for genetically defined cancers and rare inherited diseases involving the liver, priced its IPO and went public on the NASDAQ under the symbol DRNA. The company raised $90 million by offering 6 million shares at $15 per share, upping its original plans to offer 5 million shares at between $11 and $13 per share. Dicerna has raised over $116 million in VC funding, most recently receiving a $60 million Series C investment that valued the company at $102 million in August 2013.
Dicerna going public fits a trend, as exits via IPO are becoming increasingly popular in the New England region. Since the beginning of 2010, VC investors have exited 32 New England-headquartered companies by way of IPO, according to the PitchBook Platform. During that timeframe, the amount raised through those IPOs each year increased, reaching a total of nearly $2.5 billion and more than tripling from $277 million in 2010 to $870 million in 2013. The number of IPOs completed each year has also increased in the region, shooting up from two in 2010 to 12 in 2013.