Pandion Therapeutics, a Phase 1 biotech developing engineered T cells for autoimmune diseases, announced terms for its IPO on Monday.
The Watertown, MA-based company plans to raise $94 million by offering 5.5 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Pandion Therapeutics would command a fully diluted market value of $451 million.
The company's lead candidate, PT101, is a combination of our interleukin-2 mutein effector module with a protein backbone designed to selectively expand regulatory T cells without activating proinflammatory cells. The company is initially developing PT101 for moderate-to-severe ulcerative colitis and is currently conducting a Phase 1a trial with final data expected in the 1H21.
Pandion Therapeutics was founded in 2017 and booked $1 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol PAND. Goldman Sachs, Morgan Stanley, SVB Leerink, and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
