ArriVent Biopharma, a Phase 3 biotech developing a novel kinase inhibitor for EGFR-mutated lung cancer, raised $175 million by offering 9.7 million shares at $18, within the range of $17 to $19. The company offered 1.4 million more shares than anticipated.
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 plans to list on the Nasdaq under the symbol AVBP. Goldman Sachs, Jefferies, and Citi acted as joint bookrunners on the deal.
