Zenas BioPharma, a Phase 3 biotech developing therapies for autoimmune and inflammatory diseases, raised $225 million by offering 13.2 million shares at $17, within the range of $16 to $18. The company had previously planned to offer 11.8 million shares at the same range. At pricing, the company will command a fully dilute market cap of $710 million (+4% vs. original midpoint).
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 plans to list on the Nasdaq under the symbol ZBIO. Morgan Stanley, Jefferies, Citi, and Guggenheim Securities acted as joint bookrunners on the deal.
