Bicycle Therapeutics, a Phase 1 biotech developing novel oncology medicines based on bicyclic peptides, announced terms for its IPO on Monday.
The Cambridge, United Kingdom-based company plans to raise $65 million by offering 4.3 million ADSs at a price range of $14 to $16. Insiders intend to purchase $25 million worth of shares in the offering (38% of the deal). At the midpoint of the proposed range, Bicycle Therapeutics would command a fully diluted market value of $278 million.
Bicycle Therapeutics was founded in 2009 and booked $11 million in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol BCYC. Goldman Sachs, Jefferies and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of May 20, 2019.
