Cullinan Management, a Phase 1/2a biotech developing and investing in oncology therapies, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $150 million by offering 8.3 million shares at a price range of $17 to $19. Existing shareholders intend to purchase $7.5 million worth of shares in the offering. At the midpoint of the proposed range, Cullinan Management would command a fully diluted market value of $750 million.
The company is developing a diversified pipeline of targeted oncology and immuno-oncology therapies for cancer patients. Its lead candidate, CLN-081, is an orally available small molecule designed as a next generation, irreversible EGFR inhibitor designed to selectively target cells expressing mutant EGFR variants. CLN-081 is currently in a Phase 1/2a trial for as a treatment for adult NSCLC patients with EGFRex20ins mutations. Its most advanced immuno-oncology candidates include CLN-049, a bispecific antibody targeting FLT3 and CD3; and CLN-619, a monoclonal antibody designed to stimulate NK and T cell responses.
Cullinan Management was founded in 2016 and was previously named Cullinan Oncology. It plans to list on the Nasdaq under the symbol CGEM. Morgan Stanley, SVB Leerink, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of January 4, 2021.
