Achilles Therapeutics, a Phase 1/2 biotech developing precision T cell therapies for solid tumors, announced terms for its IPO on Thursday.
The London, UK-based company plans to raise $176 million by offering 9.8 million ADSs at a price range of $17 to $19. At the midpoint of the proposed range, Achilles Therapeutics would command a fully diluted market value of $734 million.
The company's pipeline contains cNeT product candidate ATL001, which is currently being evaluated in two open-label Phase 1/2a trials for advanced NSCLC and metastatic or recurrent melanoma, with interim data expected in the 2H22. The company expects to file INDs for its earlier stage programs, HNSCC and RCC, in the 2H21 and the 2H23, respectively.
Achilles Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol ACHL. J.P. Morgan, BofA Securities and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of March 29, 2021.
