IO Biotech, a Phase 3-ready biotech developing immunotherapies for melanoma and other cancers, announced terms for its IPO on Monday.
The Copenhagen, Denmark-based company plans to raise $101 million by offering 6.5 million shares at a price range of $14 to $17. At the midpoint of the proposed range, IO Biotech would command a fully diluted market value of $405 million.
IO Biotech is developing is targeting immunosuppresive mechanisms of cancer survival mediated by key immunosuppressive proteins Indoleamine 2,3-dehydrogenase (IDO) and programmed death ligand (PD-L1). The company's lead candidate, IO102-IO103, was granted Breakthrough Therapy Designation for the treatment of unresectable/metastatic melanoma and plans to enroll for a Phase 3 trial in combination with pembrolizumab.
IO Biotech was founded in 2014 and plans to list on the Nasdaq under the symbol IOBT. Morgan Stanley, Jefferies, Cowen, and Kempen are the joint bookrunners on the deal. It is expected to price during the week of November 1, 2021.
