Finch Therapeutics Group, a Phase 3-ready biotech developing microbiome therapeutics, announced terms for its IPO on Monday.
The Somerville, MA-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Finch Therapeutics Group would command a fully diluted market value of $751 million.
Finch is a microbiome therapeutics company leveraging its Human-First Discovery platform to develop a novel class of orally administered biological drugs. Its lead candidate, CP101, delivers a complete microbiome and is being developed initially for the treatment of patients with recurrent Clostridioides difficile infection (CDI). In June 2020, the company reported positive topline data from its first pivotal trial in recurrent CDI, and plans to initiate a Phase 3 trial as its second and final pivotal trial in mid-2021.
Finch Therapeutics Group was founded in 2014 and booked $8 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol FNCH. BofA Securities, Jefferies and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
