Nuvalent, a preclinical oncology biotech developing small molecule kinase inhibitors, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $151 million by offering 8.9 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Nuvalent would command a fully diluted market value of $835 million.
Nuvalent focuses on clinically proven kinase targets that have demonstrated efficacy and received FDA approval. It seeks to improve upon the limitations of existing kinase inhibitors, including kinase resistance, selectivity, and limited brain penetrance. The company's lead product, NVL-520, is a brain-penetrant ROS1-selective inhibitor and is expected to begin clinical trials in patients with ROS1-positive non-small cell lung cancer and other advanced solid tumors in the second half of 2021, pending the acceptance of its IND.
Nuvalent was founded in 2017 and plans to list on the Nasdaq under the symbol NUVL. J.P. Morgan, Cowen, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
The article Oncology biotech Nuvalent sets terms for $151 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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