Kronos Bio, a Phase 2 biotech developing kinase inhibitor therapies for leukemia and solid tumors, announced terms for its IPO on Monday.
The San Mateo, CA-based company plans to raise $175 million by offering 10.3 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Kronos Bio would command a fully diluted market value of $940 million.
The company's lead candidate, entospletinib (ENTO), is an orally administered, selective spleen tyrosine kinase inhibitor that has been tested in 148 acute myeloid leukemia (AML) patients. Based on clinical results in a biomarker-defined subset of patients and subject to discussions with regulatory agencies planned for the 1H21, the company plans to initiate a registrational Phase 2/3 trial in 2021, with data readout expected in 2023.
Kronos Bio was founded in 2017 and plans to list on the Nasdaq under the symbol KRON. Goldman Sachs, Jefferies, Cowen and Piper Sandler are the joint bookrunners on the deal. It is expected to price on Thursday, October 8, 2020.
