PepGen, a Phase 1 biotech developing oligonucleotide therapies for neuromuscular diseases, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $101 million by offering 7.2 million shares at a price range of $13 to $15. At the midpoint of the proposed range, PepGen would command a fully diluted market value of $301 million.
PepGen is generating a pipeline of oligonucleotide therapeutic candidates for the treatment of severe neuromuscular and neurologic diseases using its Enhanced Delivery Oligonucleotide (EDO) platform, which was initially developed through a collaboration between researchers at the University of Oxford and the Medical Research Council of United Kingdom Research and Innovation. Its lead candidate, PGN-EDO51, is being developed for Duchenne muscular dystrophy (DMD) and recently entered a Phase 1 trial in healthy normal volunteers, with topline data anticipated by the end of 2022.
PepGen was founded in 2018 and plans to list on the Nasdaq under the symbol PEPG. BofA Securities, SVB Leerink, Stifel, and Wedbush Securities are the joint bookrunners on the deal. It is expected to price during the week of May 2, 2022.
