Landos Biopharma, a Phase 2 biotech developing oral small molecule therapies for autoimmune diseases, raised $100 million by offering 6.3 million shares at $16, within the range of $15 to $17. At pricing, the company commands a fully diluted market value of $650 million.
The company leverages its proprietary AI-based precision medicine LANCE platform to identify novel therapeutic targets based on predictions of immunometabolic function. To date, it has identified seven novel immunometabolic targets and product candidates across 14 indications. Landos Biopharma's lead candidate, BT-11, has completed the induction phase of a Phase 2 trial in mild to moderate ulcerative colitis (UC) patients in the US, Russia, and Europe. The company expects to initiate a Phase 3 trial of BT-11 for UC and a Phase 2 trial of BT-11 for moderate to severe Crohn's disease in the 1H21.
Landos Biopharma plans to list on the Nasdaq under the symbol LABP. J.P. Morgan, Jefferies and SVB Leerink acted as lead managers on the deal.
