Prelude Therapeutics, a phase 1 biotech developing small molecule therapies for cancer, announced terms for its IPO on Monday.
The Wilmington, DE-based company plans to raise $150 million by offering 8.3 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Prelude Therapeutics would command a fully diluted market value of $837 million.
The company's first clinical candidate, PRT543, is currently in a Phase 1 trial in select solid tumors and myeloid malignancies in patients who are refractory to or intolerant of established therapies. Interim Phase 1 results indicate dose-dependent increases in exposure and target engagement, and the company has observed early signs of clinical activity. The company expects clinical data in the 1H21.
Prelude Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol PRLD. Morgan Stanley, Goldman Sachs and BofA Securities are the joint bookrunners on the deal. It is expected to price on Thursday, September 24, 2020.
