NantKwest (formerly Conkwest), which is developing cancer immunotherapies based on natural killer cells, announced terms for its IPO on Thursday.
The Cardiff-by-the-Sea, CA-based company plans to raise $151 million by offering 7.0 million shares at a price range of $20 to $23. At the midpoint of the proposed range, NantKwest would command a fully diluted market value of $2.2 billion.
Franklin Templeton (NYSE: BEN) funds intend to invest $45 million on the IPO while Chairman and CEO Patrick Soon-Shiong plans to invest $10 million. Celgene (NASDAQ: CELG) intends to invest $17 million in a concurrent private placement.
NantKwest, which was founded in 2002, plans to list on the NASDAQ under the symbol NK. BofA Merrill Lynch, Citi, Jefferies and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2015.
