Fulgent Genetics Files For IPO

Temple City-based Fulgent Genetics, based in the San Gabriel Valley, has filed for an IPO, saying that it is seeking to raised $50M in an IPO on the NASDAQ Global Market as FLGT. The IPO is being underwritten by Credit Suisse, Piper Jaffray, Raymond James, and BTIG. Fulgent Genetics is developing genetic testing and laboratory testing technology, and is led by Ming Hsieh, who holds the majority shares in the company. Hsieh is a serial entrepreneur and billionaire, who founded and sold Cogent Systems to 3M. Hsieh gave $35M to the University of Southern California in 2006, which renamed its Electrical Engineering Department as the USC Ming Hsieh Department of Electrical Engineering.