Rain Therapeutics, a Phase 3-ready biotech developing in-licensed therapies for cancer, announced terms for its IPO on Monday.
The Newark, CA-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Rain Therapeutics would command a fully diluted market value of $457 million.
Rain's lead candidate, RAIN-32, is a small molecule oral inhibitor of MDM2 in-licensed in September 2020 based on the results of a Phase 1 trial, which demonstrated meaningful antitumor activity in an MDM2-amplified subtype of liposarcoma (LPS) and other solid tumors. The company anticipates commencing a pivotal Phase 3 trial in LPS in the 2H21, a Phase 2 tumor-agnostic basket trial in certain solid tumors in the 2H21, and a Phase 2 trial in intimal sarcoma by early 2022.
Rain Therapeutics was founded in 2017 and plans to list on the Nasdaq under the symbol RAIN. Goldman Sachs, Citi, Piper Sandler, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.
