Mineralys Therapeutics, a Phase 2 biotech developing an in-licensed therapy for cardiorenal disorders, announced terms for its IPO on Thursday.
The Radnor, PA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Mineralys Therapeutics would command a fully diluted market value of $574 million.
Mineralys is developing medicines to target diseases driven by abnormally elevated aldosterone, focused on cardiorenal disorders. Its sole candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor (ASI) licensed from Mitsubishi Tanabe that is initially being developed for uncontrolled hypertension. The company completed a Phase 2 proof-of-concept trial of lorundrostat for uncontrolled hypertension and resistant hypertension in 2022 and plans to initiate a randomized, double-blind, placebo-controlled Phase 2 trial in the 1H23, followed by a Phase 3 trial in the 2H23.
Mineralys Therapeutics was founded in 2019 and plans to list on the Nasdaq under the symbol MLYS. BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of February 6, 2023.
