LAVA Therapeutics, a Dutch Phase 1/2a biotech developing gamma-delta T cell therapies for cancer, announced terms for its IPO on Thursday.
The Utrecht, Netherlands-based company plans to raise $101 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, LAVA Therapeutics would command a fully diluted market value of $405 million.
The company is focused on developing a platform of novel bispecific antibodies engineered to selectively induce gamma-delta T cell-mediated immunity against tumor cells. Its lead candidate, LAVA-051, is a unique, humanized gamma-delta bsTCE targeting CD1d-expressing hematologic cancers, including chronic lymphocytic leukemia (CLL), multiple myeloma (MM), and acute myeloid leukemia (AML). In November 2020, the company filed a CTA to conduct a Phase 1/2a trial with LAVA-051 in relapsed and/or refractory CLL, MM and AML, which it expects to begin enrolling in the 1H21.
LAVA Therapeutics was founded in 2016 and booked $4 million in research and license revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol LVTX. J.P. Morgan, Jefferies and SVB Leerink are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.
