Acrivon Therapeutics, a Phase 2 biotech developing precision oncology therapies, announced terms for its IPO on Thursday.
The Watertown, MA-based company plans to raise $100 million by offering 5.9 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Acrivon Therapeutics would command a fully diluted market value of $351 million.
Through its proprietary precision medicine platform, AP3, Acrivon Therapeutics plans to utilize the creation of drug-specific OncoSignature companion diagnostics to develop its pipeline of oncology drug candidates. Acrivon's lead candidate, ACR-368, is a selective small molecule inhibitor targeting CHK1 and CHK2 in a potentially registrational Phase 2 trial across multiple tumor types, focusing on treatments for platinum-resistant ovarian, endometrial, and bladder cancers. Its ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been evaluated in two pretreatment tumor biopsy studies collected from patients with ovarian cancer treated with ACR-368 in past Phase 2 clinical trials conducted by Eli Lilly and Company and at the National Cancer Institute.
Acrivon Therapeutics was founded in 2018 and plans to list on the Nasdaq under the symbol ACRV. Morgan Stanley, Jefferies, Cowen, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of November 7, 2022.
