Original from: GRAIL
GRAIL, Inc. (Nasdaq: GRAL), a healthcare company whose mission is to detect cancer early when it can be cured, today announced the closing of its previously announced equity financing with Samsung affiliates including Samsung C&T Corporation.
Pursuant to the definitive agreement, the Samsung entities invested $110 million in GRAIL through the purchase of shares of GRAIL common stock at a price of $70.05 per share, representing a long-term investment in support of GRAIL's growth and international expansion objectives.
"This investment from the Samsung entities further strengthens our balance sheet and extends our cash runway as we advance key priorities, including securing regulatory approval and reimbursement for Galleri® in the United States and expanding access to multi-cancer early detection internationally," said Aaron Freidin, Chief Financial Officer of GRAIL. "We are pleased to complete this financing and look forward to deepening our strategic collaboration with Samsung as we work to bring Galleri to patients in Asia."
As previously announced, GRAIL and Samsung C&T Corporation intend to collaborate to commercialize the Galleri multi-cancer early detection test in South Korea, with the potential to expand into additional Asian markets, including Japan and Singapore, subject to regulatory approvals and other conditions. Initial testing will continue to be performed at GRAIL's clinical laboratory in Research Triangle Park, North Carolina.
"GRAIL is at a pivotal moment in its mission to transform early cancer detection. This investment in GRAIL, together with the strategic business collaboration, represents a significant milestone in advancing Samsung C&T's vision expanding access to cancer early detection. We are excited to bring the benefits of innovative screening technologies to more people in South Korea and Asia, and believe this partnership will bring us one step closer to GRAIL and Samsung C&T's shared goal of transforming cancer care through earlier detection," said Jaywoo Kim, Executive Vice President of Life Science Business at Samsung C&T.
Latham & Watkins LLP served as legal advisor and Morgan Stanley & Co. LLC served as financial advisor to GRAIL. Samsung was advised by Covington & Burling, BKL, and E&Y Han Young (Korea).
About Samsung C&T Corporation
Samsung C&T Corporation, a dynamic player in industries ranging from construction, trading, fashion and resorts, is actively expanding its portfolio with strategic investments in the fields of biopharmaceutical and life sciences. Since its investment in Samsung Biologics and Samsung Epis Holdings, Samsung C&T continues to invest in innovative technologies and businesses within the bio and healthcare sectors, with the goal of contributing to improving the quality of human life.
About GRAIL
GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL's targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom.
Source: GRAIL Completes $110 Million Equity Financing With Samsung Entities
