Lyell Immunopharma, a preclinical biotech developing T cell therapies for solid tumors, raised $425 million by offering 25 million shares at $17, the midpoint of the range of $16 to $18. At pricing, the company commands 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 plans to list on the Nasdaq under the symbol LYEL. Goldman Sachs, BofA Securities, J.P. Morgan, and Morgan Stanley acted as lead managers on the deal.
