Instil Bio, an early stage biotech developing cell therapies for cancer, announced terms for its IPO on Monday.
The Dallas, TX-based company plans to raise $250 million by offering 13.9 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Instil Bio would command a fully diluted market value of $2.5 billion.
Instil Bio is developing a cell therapy pipeline of autologous tumor infiltrating lymphocyte (TIL) therapies for the treatment of cancer. Its lead TIL candidate, ITIL-168, is being developed for the treatment of advanced melanoma. The company plans to submit an IND and initiate a Phase 2 trial in the 2H21, which the company believes could support a BLA submission in 2023. Instil plans to initiate Phase 1 trials of ITIL-168 in additional indications with unmet medical need in the 1H22.
Instil Bio was founded in 2018 and plans to list on the Nasdaq under the symbol TIL. Morgan Stanley, Jefferies and Cowen are the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
