Kinnate Biopharma, an early stage biotech developing small molecule kinase inhibitors for difficult-to-treat cancers, announced terms for its IPO on Monday.
The San Diego, 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, Kinnate Biopharma would command a fully diluted market value of $756 million.
Kinnate is focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Its lead candidate, KIN002787, is a Rapidly Accelerated Fibrosarcoma (RAF) inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors. The company expects to file an IND for KIN002787 in the 1H21.
Kinnate Biopharma was founded in 2018 and plans to list on the Nasdaq under the symbol KNTE. Goldman Sachs, SVB Leerink and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of November 30, 2020.
