Centessa Pharmaceuticals, a carve-out of Medicxi's biotech portfolio, announced terms for its IPO on Monday.
The Cambridge, United Kingdom-based company plans to raise $285 million by offering 15 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Centessa Pharmaceuticals would command a fully diluted market value of $1.8 billion.
Centessa is a biotech holding company that was founded on the observation that "asset-centric" drug development companies experience a higher probability of clinical success. The company's portfolio is comprised of 10 life science companies previously owned by either Medicxi or Index Ventures which represent 16 development programs with clear biological rationale, four of which are in clinical development. The company has stated it expects to present more than 12 clinical readouts over the next three years, including three this year.
Centessa Pharmaceuticals was founded in 2020 and plans to list on the Nasdaq under the symbol CNTA. Morgan Stanley, Goldman Sachs, Jefferies, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of May 24, 2021.
