Connect Biopharma Holdings, a Chinese Phase 2 biotech developing therapies for T cell-driven inflammatory diseases, raised $191 million by offering 11.3 million ADSs at $17, the high end of the range of $15 to $17. The company offered 1.9 million more ADSs than anticipated. At pricing, Connect Biopharma commands a market value of $949 million.
The company'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 plans to list on the Nasdaq under the symbol CNTB. Jefferies, SVB Leerink, Piper Sandler and CICC acted as lead managers on the deal.
