Arcellx, a Phase 1 biotech developing cell therapies for cancer and other incurable diseases, announced terms for its IPO on Monday.
The Gaithersburg, MD-based company plans to raise $132 million by offering 8.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Arcellx would command a fully diluted market value of $624 million.
Arcellx's lead ddCAR candidate, CART-ddBCMA, is in Phase 1 development for the treatment of relapsed or refractory (r/r) multiple myeloma (MM). The company believes preliminary results from the trial demonstrate that D-Domains can potentially provide meaningful clinical benefits. Arcellx plans to initiate a Phase 2 pivotal trial of CART-ddBCMA for treatment of r/r MM in late 2022, as well as pursue development of the candidate in earlier lines of therapy.
Arcellx was founded in 2014 and plans to list on the Nasdaq under the symbol ACLX. BofA Securities, SVB Leerink, Barclays, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of January 31, 2022.
