Monte Rosa Therapeutics, a preclinical biotech developing small molecule protein degraders for cancer and other diseases, raised $222 million by offering 11.7 million shares at $19, the high end of the range of $17 to $19. The company offered 1.95 million more shares than anticipated.
Monte Rosa uses its proprietary protein degradation platform, QuEEN, to rapidly identify protein targets and molecular glue degrader, or MGD, product candidates that are designed to eliminate therapeutically relevant proteins. The company plans to select one of its selective, orally bioavailable GSPT1-directed MGD molecules for use in a genetically-defined subset of non-small cell lung cancer patients by the 2H21, and submit an IND in the 1H22. The company also has preclinical discovery programs in ovarian, uterine, and breast cancer as well as various autoimmune and inflammatory diseases.
Monte Rosa Therapeutics plans to list on the Nasdaq under the symbol GLUE. J.P. Morgan, Cowen, Piper Sandler, and Guggenheim Securities acted as joint bookrunners on the deal.
