Theseus Pharmaceuticals, a preclinical biotech developing pan-variant kinase inhibitors for solid tumors, announced terms for its IPO on Thursday.
The Cambridge, MA-based company plans to raise $125 million by offering 8.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Theseus Pharmaceuticals would command a fully diluted market value of $593 million.
Theseus is focused on the discovery, development, and commercialization of transformative targeted therapies. Its goal is to develop "pan-variant" kinase inhibitors, or inhibitors that target all major cancer causing and drug resistance mutations in clinically significant protein kinases. Its lead candidate, THE-630, is a pan-variant inhibitor of all major classes of activating and resistance mutations of the KIT kinase for the treatment of gastrointestinal stromal tumors (GIST). THE-630 is derived from intellectual property exclusively licensed to Theseus by ARIAD Pharmaceuticals. The company has recently submitted an IND application for THE-630 in patients with advanced GIST and if cleared by the FDA, it plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22.
Theseus Pharmaceuticals was founded in 2017 and plans to list on the Nasdaq under the symbol THRX. Jefferies, SVB Leerink, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price during the week of October 4, 2021.
