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TEM IPO News - Precision medicine company Tempus AI sets terms for $400 million IPO

TEM IPO News - Precision medicine company Tempus AI sets terms for $400 million IPO
Tempus AI, which provides data and analytics tools for precision medicine, announced terms for its IPO on Wednesday.

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Chicago-based Tempus AI has revealed plans to raise $400 million through an initial public offering, offering 11.1 million shares at a price range of $35 to $37. The company, founded in 2015, has focused on using artificial intelligence to unlock the power of precision medicine. Its Tempus Platform includes proprietary software and data pipelines that connect approximately 450 unique data connections across more than 2,000 healthcare institutions. With a fully diluted market value of $6.2 billion at the midpoint of the proposed range, Tempus AI has amassed one of the largest libraries of clinical and molecular oncology data in the world. The company booked $562 million in revenue for the 12 months ended March 31, 2024, and is expected to list on the Nasdaq under the symbol TEM. The IPO is set to be priced during the week of June 10, 2024, with Morgan Stanley, J.P. Morgan, Allen & Company, BofA Securities, TD Cowen, Stifel, and William Blair serving as joint bookrunners on the deal.

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