Xbiotech, which is developing antibodies for colorectal cancer and various other conditions, announced terms for its IPO on Tuesday. The IPO is being marketed by WR Hambrecht on a "best efforts" basis.
The Austin, TX-based company plans to raise $76 million by offering 4 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Xbiotech would command a fully diluted market value of $603 million. At that level, it would have a market cap larger than 92% of 2014 biotechs at the time of their IPOs.
CEO John Simmard previously founded CTL ImmunoTherapies and AlleCure, which merged to form MannKind (NASDAQ: MNKD) in 2001, now a biotech with a $2.3 billion market cap.
Recent antibody biotech IPOs include Alder Biopharmaceuticals (ALDR; +158%) and Xencor (XNCR;+ 175%)
Xbiotech, which was founded in 2005, plans to list on the NASDAQ under the symbol XBIT. WR Hambrecht is the sole bookrunner on the deal. It is expected to price in late March or early April.
