IPOs

Oncology biotech Prelude Therapeutics sets terms for $150 million IPO

Prelude Therapeutics, a phase 1 biotech developing small molecule therapies for cancer, announced terms for its IPO on Monday.

The Wilmington, DE-based company plans to raise $150 million by offering 8.3 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Prelude Therapeutics would command a fully diluted market value of $837 million.

The company's first clinical candidate, PRT543, is currently in a Phase 1 trial in select solid tumors and myeloid malignancies in patients who are refractory to or intolerant of established therapies. Interim Phase 1 results indicate dose-dependent increases in exposure and target engagement, and the company has observed early signs of clinical activity. The company expects clinical data in the 1H21.

Prelude Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol PRLD. Morgan Stanley, Goldman Sachs and BofA Securities are the joint bookrunners on the deal. It is expected to price on Thursday, September 24, 2020.

The article Oncology biotech Prelude Therapeutics sets terms for $150 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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