Zenas BioPharma, a Phase 3 biotech developing therapies for autoimmune and inflammatory diseases, announced terms for its IPO on Friday.
The Waltham, MA-based company plans to raise $200 million by offering 11.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Zenas BioPharma would command a fully diluted market value of $685 million.
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.
Zenas BioPharma was founded in 2019 and booked $50 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol ZBIO. Morgan Stanley, Jefferies, Citi, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price the week of 9/9.
