We are pleased to announce the first liquidity event for Partners Innovation Fund II, L.P. Magenta Therapeutics has completed the pricing of its IPO at $15 per share. The shares are expected to begin trading on the Nasdaq Global Market today under the symbol “MGTA.”
Magenta is a clinical-stage biotechnology company developing therapeutics focused on critical areas of unmet need in the field of bone marrow transplant for patients with autoimmune diseases, blood cancers and genetic diseases. The founding technology originated in the academic labs of David Scadden, M.D., and Derrick Rossi, Ph.D., at Harvard. Through a license agreement with Harvard University, Magenta has access to a portfolio of breakthrough stem cell technologies developed at Harvard and owned jointly by Massachusetts General Hospital and in part by Boston Children’s Hospital.
The shares are subject to the customary 180-day underwriters’ lock-up. At the IPO price, the return to PIF II is 1.76x, with an IRR of 62%.