ArriVent Biopharma, a Phase 3 biotech developing a novel kinase inhibitor for cancer, announced terms for its IPO on Monday.
The Newtown Square, PA-based company plans to raise $150 million by offering 8.3 million shares at a price range of $17 to $19. At the midpoint of the proposed range, ArriVent Biopharma would command a fully diluted market value of $585 million.
ArriVent Biopharma's lead candidate, furmonertinib, is an investigational, novel, epidermal growth factor receptor (EGFR) mutant-selective tyrosine kinase inhibitor (TKI) that the company is developing for non-small cell lung cancer (NSCLC) across a broader set of EGFR mutations (EGFRm) than are currently served by approved EGFR TKIs. Furmonertinib is currently being evaluated in multiple trials, including a pivotal Phase 3 trial in first-line patients with locally advanced or metastatic EGFRm NSCLC with exon 20 insertion mutations. ArriVent expects topline data from this trial in 2025.
ArriVent Biopharma was founded in 2021 and plans to list on the Nasdaq under the symbol AVBP. Goldman Sachs, Jefferies, and Citi are the joint bookrunners on the deal. It is expected to price during the week of January 22, 2024.
