Nurix Therapeutics, a preclinical biotech developing small molecule therapies for cancer, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $150 million by offering 8.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Nurix Therapeutics would command a fully diluted market value of $635 million.
The company's lead protein degradation candidate, NX-2127, is an orally available BTK degrader for the treatment of relapsed or refractory B-cell malignancies. Its lead E3 ligase inhibitor candidate, NX-1607, is an orally available CBL-B inhibitor for immuno-oncology indications. The company expects to file INDs and initiate Phase 1 trials for both candidates, but does not give an expected timeline. Beyond these portfolios, it also has additional preclinical programs independently and through collaborations with Sanofi and Gilead.
Nurix Therapeutics was founded in 2009 and booked $19 million in collaboration revenue for the 12 months ended May 31, 2020. It plans to list on the Nasdaq under the symbol NRIX. J.P. Morgan, Piper Sandler and Stifel are the joint bookrunners on the deal. It is expected to price during the week of July 20, 2020.
