Ambrx Biopharma, a Phase 2/3 oncology biotech developing engineered antibody-drug conjugates, announced terms for its IPO on Monday.
The La Jolla, CA-based company plans to raise $126 million by offering 7 million ADSs at a price range of $17 to $19. At the midpoint of the proposed range, Ambrx Biopharma would command a fully diluted market value of $725 million.
Ambrx Biopharma is developing a novel class of engineered precision biologics using a proprietary genetic code technology platform that allows it to incorporate, in a site-specific manner, synthetic amino acids into proteins within living cells, which the company believes could offer safety and efficacy benefits over conventional conjugation approaches which use natural amino acids. The company's lead candidate, ARX788, is an antibody-drug conjugate currently being studied in breast, gastric and other solid tumors. The most advanced trial of ARX788 is being conducted by Ambrx Biopharma's partner, NovoCodex Biopharmaceuticals, in China in patients with HER2-positive metastatic breast cancer. The ongoing Phase 2/3 trial is expected to report topline data by the end of 2022.
Ambrx Biopharma was founded in 2003 and booked $14 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol AMAM. Goldman Sachs, BofA Securities, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of June 14, 2021.
