Relay Therapeutics, a Phase 1 biotech developing small molecule therapies for solid tumors, announced terms for its IPO on Thursday.
The Cambridge, MA-based company plans to raise $250 million by offering 14.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Relay Therapeutics would command a fully diluted market value of $1.5 billion.
The company's lead candidate RLY-1971, an inhibitor of Src homology region 2 domain-containing phosphatase-2, began a Phase 1 trial in patients with advanced solid tumors in the 1Q 2020. Relay also plans to begin a Phase 1 trial of RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), in patients with advanced solid tumors having oncogenic FGFR2 alterations in the 2H 2020.
Relay Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol RLAY. J.P. Morgan, Goldman Sachs, Cowen and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price on Wednesday, July 15, 2020.
