ArriVent lines up for $150M IPO to fuel late-stage lung cancer candidate

22 Jan 2024
·
Deals
firstwordpharma.com
IPOBreakthrough TherapyADCPhase 3
ArriVent BioPharma is now the second biotech in the public debut queue this year. The cancer-focused company set terms on Monday for its IPO, which could garner a valuation upwards of $500 million.
ArriVent proposed to sell 8.3 million shares at a range of $17 to $19 each. At the midpoint, the company would raise about $150 million and debut with a market capitalisation of $550 million.
ArriVent’s filing follows that of CG Oncology, which proposed last week to raise just over $200 million at its midpoint. Both companies have Phase III cancer compounds with breakthrough therapy designation from the FDA.
CG Oncology is developing cretostimogene grenadenorepvec to treat high-risk Bacillus Calmette-Guérin-unresponsive non-muscle invasive bladder cancer; Arrivent’s furmonertinib is a tyrosine kinase inhibitor to treat first-line EGFR-mutant non-small-cell lung cancer with exon 20 insertion mutations.
ArriVent’s cancer pipeline also includes a preclinical antibody-drug conjugate, for which it plans to start IND-enabling studies late this year, or by early 2025.
Three other biotechs have filed this month to go public: behavioural disorder-focused Alto Neuroscience, autoimmune CAR-T developer Kyverna Therapeutics, and gene editing company Metagenomi.
Additionally, Cormorant is seeking a $100 million IPO for its second SPAC. Altogether, the month’s filings lend a more favourable outlook on the public biotech market, which saw just 19 IPOs last year. For more, see Spotlight On: Biotech IPOs expected to see slow ramp up in 2024.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
Drugs
Chat with Hiro
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.