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SoftBank-backed Tempus AI jumps 18% in strong Nasdaq debut



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Updates

** Shares of genetics testing firm Tempus AI TEM.O jump as much as 17.9% to $43.64 in its Nasdaq debut after IPO prices at high end of expectations

** TEM opens at $40 vs $37 IPO price, lastup 15%at $42.54

** Chicago, Illinois-based Tempus valued at $6.60 bln at open

** Tempus, which counts SoftBank 9984.T among its prominent investors, sold 11.1 mln shares at the top end of its $35 to $37 marketed range to raise $410.7 mln

** TEM provides genomics diagnostics tests across oncology and other areas, such as neuropsychiatry, radiology and cardiology, to clinicians and hospital systems

** Founded in 2015, about a year after CEO Lefkofsky's wife was diagnosed with breast cancer, TEM competes against firms such as cancer test maker Guardant Health GH.O and oncology testing provider NeoGenomics NEO.O

** TEM bagged ~$200 mln investment from SoftBank in April

** Morgan Stanley, J.P. Morgan and Allen & Company are lead underwriters for the IPO



Reporting by Arasu Kannagi Basil in Bengaluru

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