RayzeBio, a Phase 3 biotech developing radiopharmaceutical therapies for cancer, announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $245 million by offering 14.4 million shares (8% secondary) at a price range of $16 to $18. At the midpoint of the proposed range, RayzeBio would command a fully diluted market value of $1.0 billion.
RayzeBio's lead candidate, RYZ101, is designed to deliver a highly potent alpha particle radioisotope, Actinium 225 (Ac225) to tumors overexpressing somatostatin receptor type 2 (SSTR2). The company is enrolling in a registrational Phase 3 trial of RYZ101 for the treatment of gasteroenteropancreatic neuroendocrine tumors in patients who have experienced progression of their cancer following treatment with another radiotherapy. RYZ101 is also being studied in an ongoing Phase 1b trial for patients with extensive stage small cell lung cancer.
RayzeBio was founded in 2020 and plans to list on the Nasdaq under the symbol RYZB. J.P. Morgan, Jefferies, Evercore ISI, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of September 11, 2023.
