Apogee Therapeutics, a Phase 1-ready biotech developing monoclonal antibodies for inflammatory diseases, announced terms for its IPO on Monday.
The Waltham, MA-based company plans to raise $250 million by offering 15.6 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Apogee Therapeutics would command a fully diluted market value of $735 million.
Founded by healthcare investors Fairmount Funds and Venrock, Apogee Therapeutics is developing differentiated biologics for the treatment of atopic dermatitis (AD), chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications with high unmet need. Its two most advanced programs, APG777 and APG808, are subcutaneous extended half-life monoclonal antibodies initially being developed for AD and COPD, respectively. The company anticipates initiating a Phase 1 trial of APG777 in the 2H23, with initial data expected in mid-2024, and anticipates nominating a development candidate for its APG808 program in 2023. Apogee has exclusive development and commercialization rights to its programs through a strategic collaboration with Paragon Therapeutics, a biotech founded in 2021 by Fairmount Funds.
Apogee Therapeutics was founded in 2022 and plans to list on the Nasdaq under the symbol APGE. Jefferies, TD Cowen, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of July 10, 2023.
