Tokai Pharmaceuticals, a biotech developing small molecule therapies for prostate cancer, announced terms for its IPO on Tuesday. The Cambridge, MA-based company plans to raise $76 million by offering 5.4 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Tokai Pharmaceuticals would command a fully diluted market value of $310 million.
The company is in Phase 2 trials for its lead candidate, a daily oral treatment for castration resistant prostate cancer (CRPC). It is expected to enter pivotal clinical trials in the 1H15.
Tokai Pharmaceuticals, which was founded in 2004, plans to list on the NASDAQ under the symbol TKAI. BMO Capital Markets, Stifel and William Blair are the joint bookrunners on the deal. It is expected to price during the week of September 15, 2014.
