Zentalis Pharmaceuticals, a Phase 1/2 biotech developing novel small molecule therapies for various cancers, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $130 million by offering 7.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Zentalis Pharmaceuticals would command a fully diluted market value of $580 million. The company has three clinical candidates and one more candidate preparing for an IND submission, all of which are targeting biological pathways for cancers. In its prospectus, Zentalis noted the COVID-19 outbreak has had an impact on clinical trials, as enrollment has been delayed and staff has restricted access to the company laboratory.
Zentalis Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol ZNTL. Morgan Stanley, Jefferies, SVB Leerink and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of March 30, 2020.
