Morrison & Foerster advised Fulgent Genetics [Nasdaq: FLGT] in the closing of its initial public offering of 4,200,000 shares of common stock at a public offering price of $9.00 per share, before underwriting discounts. Fulgent began trading on September 29, 2016. The offering closed on October 4, 2016.
Credit Suisse Securities (USA) LLC and Piper Jaffray & Co. served as joint book-running managers for the offering. Raymond James & Associates, Inc. served as lead manager and BTIG, LLC served as co-manager.
Fulgent is a rapidly growing technology company founded in 2011 and headquartered in Temple City, California. It is initially focused on offering comprehensive genetic testing to provide physicians with clinically actionable diagnostic information they can use to improve the overall quality of patient care. Fulgent intends to use the proceeds from its IPO for working capital and general corporate purposes.
The MoFo deal team was led by San Diego partner Scott Stanton and Palo Alto partner Sara Terheggen, with assistance from San Diego associates Lisa Abbot, Shai Kalansky, and Andrew Dixon.