Onconova Therapeutics, a biotech focused on developing novel small molecule drug candidates for cancer treatment, announced terms for its IPO on Thursday. The Newtown, PA-based company plans to raise $60 million by offering 4.6 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Onconova Therapeutics would command a fully diluted market value of $261 million.
Onconova Therapeutics, which was founded in 1998 and booked $47 million in collaboration revenue for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol ONTX. Onconova Therapeutics initially filed confidentially on May 3, 2013. Citi and Leerink Swann are the joint bookrunners on the deal.
