PMV Pharmaceuticals, an early stage biotech developing targeted therapies for cancer, announced terms for its IPO on Monday.
The Cranbury, NJ-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, PMV Pharmaceuticals would command a fully diluted market value of $714 million.
The company's lead candidate, PC14586, is designed to potently and selectively correct p53 misfolding caused by a specific p53 mutation while sparing wild-type p53. The company is initially pursuing a tumor-agnostic development strategy and submitted an IND for PC14586 in August 2020, with a Phase 1/2 trial planned for the 2H20.
PMV Pharmaceuticals was founded in 2013 and plans to list on the Nasdaq under the symbol PMVP. Goldman Sachs, BofA Securities, Cowen and Evercore ISI are the joint bookrunners on the deal.
