Olema Pharmaceuticals, a clinical-stage biotech developing therapies for women's cancers, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $170 million by offering 10 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Olema Pharmaceuticals would command a fully diluted market value of $670 million.
Olema is focused on the discovery, development and commercialization of next generation targeted therapies for women’s cancers. The company is studying the structure and function of the estrogen receptor (ER) to develop more potent oral therapies that completely inactivate this signaling pathway. Its lead candidate, OP-1250, has combined activity as both a complete ER antagonist and a selective ER degrader. OP-1250 is currently in an ongoing Phase 1/2 trial, with initial data expected in the 2H21.
Olema Pharmaceuticals was founded in 2007 and plans to list on the Nasdaq under the symbol OLMA. J.P. Morgan, Jefferies, Cowen and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2020.
