Janux Therapeutics, a preclinical biotech developing a novel class of T cell engagers for cancer, announced terms for its IPO on Monday.
The La Jolla, CA-based company plans to raise $152 million by offering 9.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Janux Therapeutics would command a fully diluted market value of $652 million.
Janux is developing next-generation therapeutics based on its proprietary Tumor Activated T Cell Engager (TRACTr) platform technology to better treat patients suffering from cancer. Its initial focus is on developing a novel class of T cell engagers, and its lead candidates are designed to target clinically validated drug targets. The company expects to submit at least two INDs by the end of 2022, initially seeking regulatory approval for its candidates as later lines of therapy in patients with cancer.
Janux Therapeutics was founded in 2017 and plans to list on the Nasdaq under the symbol JANX. BofA Securities, Cowen, Evercore ISI, and H.C. Wainwright are the joint bookrunners on the deal. It is expected to price during the week of June 7, 2021.
