Fusion Pharmaceuticals, a Phase 1 biotech developing precision medicines for solid tumors, announced terms for its IPO on Monday.
The Hamilton, Canada-based company plans to raise $125 million by offering 8.4 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Fusion Pharmaceuticals would command a fully diluted market value of $619 million.
Fusion's lead candidate, FPI-1434, is designed to target and deliver an alpha emitting isotope to cancer cells expressing the insulin-like growth factor 1 receptor (IGF-1R). The company is currently conducting a Phase 1 trial for solid tumors expressing IGF-1R and plans to report initial data approximately three to six months after it resumes clinical activities due to disruptions caused by COVID-19.
Fusion Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol FUSN. Morgan Stanley, Jefferies, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2020.
