Lyell Immunopharma, a preclinical biotech developing T cell therapies for solid tumors, announced terms for its IPO on Wednesday.
The South San Francisco, CA-based company plans to raise $425 million by offering 25 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Lyell Immunopharma would command a fully diluted market value of $4.7 billion.
Lyell states that it is a T cell reprogramming company dedicated to the mastery of T cells to cure patients with solid tumors. The company's proprietary genetic and epigenetic reprogramming technologies, Gen-R and Epi-R, are designed to be applied in a target and modality agnostic manner to chimeric antigen receptor (CAR), tumor-infiltrating lymphocytes (TIL), and T cell receptor (TCR) therapies. Lyell is building a multi-modality pipeline across several solid tumor indications with high unmet needs and anticipates submitting four INDs by the end of 2022.
Lyell Immunopharma was founded in 2018 and booked $9 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol LYEL. Goldman Sachs, BofA Securities, J.P. Morgan, and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of June 14, 2021.
