Foghorn Therapeutics, a preclinical biotech developing gene therapies for hematologic cancers and solid tumors, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $120 million by offering 7.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Foghorn Therapeutics would command a fully diluted market value of $628 million.
Foghorn is developing a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system through its proprietary Gene Traffic Control platform. The company's two most advanced candidates are FHD-286, a selective allosteric ATPase inhibitor, and FHD-609, a protein degrader. The candidates are being developed for hematologic cancers and solid tumors, and the company plans to file INDs for FHD-286 and FHD-609 in the 4Q20 and 1H21, respectively.
Foghorn Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol FHTX. Goldman Sachs, Morgan Stanley, Cowen and Wedbush PacGrow are the joint bookrunners on the deal. It is expected to price during the week of October 19, 2020.
