Bolt Biotherapeutics, a Phase 1/2 biotech developing targeted therapies for solid tumors, raised $230 million by offering 11.5 million shares at $20, above the upwardly revised range of $18 to $19. The company offered 1 million more shares than anticipated. It originally planned to offer 8.8 million shares at $16 to $18 before increasing the deal size on Wednesday. At pricing, Bolt commands a fully diluted market value of $757 million.
The company's pipeline contains lead candidate BDC-1001, a HER2 Boltbody Immune-Stimulating Antibody Conjugate. In preclinical safety studies, BDC-1001 was well tolerated and no adverse safety signals were observed. BDC-1001 is currently in a Phase 1/2 trial for the treatment of patients with HER2-expressing solid tumors, and the company expects to move into Phase 2 dose expansions in key solid tumor indications with unmet medical need in 2021.
Bolt Biotherapeutics plans to list on the Nasdaq under the symbol BOLT. Morgan Stanley, SVB Leerink, Stifel and Guggenheim Securities acted as lead managers on the deal.
