Janux Therapeutics, a preclinical biotech developing novel T cell engagers for solid tumors, raised $194 million by offering 11.4 million shares at $17, the high end of the range of $15 to $17. The company offered 1.9 million more shares than anticipated. At pricing, Janux Therapeutics commands a fully diluted market value of $728 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 plans to list on the Nasdaq under the symbol JANX. BofA Securities, Cowen, and Evercore ISI acted as lead managers on the deal.
