Nuvalent, a preclinical oncology biotech developing small molecule kinase inhibitors, raised $166 million by offering 9.8 million shares at $17, within the range of $16 to $18. The company offered 0.9 million more shares than anticipated.
Nuvalent focuses on clinically proven kinase targets that have demonstrated efficacy and received FDA approval. It seeks to improve upon the limitations of existing kinase inhibitors, including kinase resistance, selectivity, and limited brain penetrance. The company's lead product, NVL-520, is a brain-penetrant ROS1-selective inhibitor and is expected to begin clinical trials in patients with ROS1-positive non-small cell lung cancer and other advanced solid tumors in the second half of 2021, pending the acceptance of its IND.
Nuvalent plans to list on the Nasdaq under the symbol NUVL. J.P. Morgan, Cowen, and Piper Sandler acted as joint bookrunners on the deal.
