Zenas BioPharma, a Phase 3 biotech developing therapies for autoimmune and inflammatory diseases, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal estimated to raise $150 million or more.
The company's lead candidate, obexelimab, is a bifunctional monoclonal antibody targeting CD19 and FcγRIIb in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. It is currently being evaluated in clinical trials for multiple indications including IgG4-Related Disease (IgG4-RD; Phase 3), multiple sclerosis (MS; Phase 2), and systemic lupus erythematosus (SLE; Phase 2). The company expects to report topline data for its most advanced indication in 2025. Zenas BioPharma's pipeline also includes several other clinical-stage programs targeting various immunological pathways.
The Waltham, MA-based company was founded in 2019 and booked $50 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol ZBIO. Zenas BioPharma filed confidentially on January 25, 2024. Morgan Stanley, Jefferies, Citi, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
