Pyxis Oncology, a preclinical biotech developing antibody therapies for solid and hematologic tumors, announced terms for its IPO on Monday.
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, Pyxis Oncology would command a fully diluted market value of $493 million.
Pyxis is focused on developing next-generation therapies to target difficult-to-treat cancers, with a broad portfolio of novel antibody drug conjugate (ADC) candidates and monoclonal antibody (mAb) preclinical discovery programs. It is developing its ADC candidates and mAb preclinical discovery programs for difficult-to-treat solid and hematologic tumors. Pyxis anticipates submitting INDs for two of its ADC candidates by mid-2022, and another candidate by 2023.
Pyxis Oncology was founded in 2018 and plans to list on the Nasdaq under the symbol PYXS. BofA Securities, Jefferies, Credit Suisse, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of October 4, 2021.
