Connect Biopharma Holdings, a Chinese Phase 2 biotech developing therapies for T cell-driven inflammatory diseases, announced terms for its IPO on Friday.
The Taicang, China-based company plans to raise $150 million by offering 9.4 million ADSs at a price range of $15 to $17. At the midpoint of the proposed range, Connect Biopharma Holdings would command a market value of $863 million.
Connect's lead candidate, CBP-201, is an antibody designed to target interleukin-4 receptor alpha, a validated target for the treatment of inflammatory diseases such as atopic dermatitis (AD) and asthma. The company has initiated a Phase 2b trial of CBP-201 moderate-to-severe AD in the US, Australia, and New Zealand, with top-line results expected in the 2H21. Connect also plans to initiate additional trials in asthma and chronic rhinosinusitis with nasal polyps in the 1H21 and in AD patients in China in the 2H21.
Connect Biopharma Holdings was founded in 2012 and plans to list on the Nasdaq under the symbol CNTB. Jefferies, SVB Leerink, Piper Sandler, and CICC are the joint bookrunners on the deal.
