Solid tumor biotech SQZ Biotechnologies sets terms for $75 million IPO
SQZ Biotechnologies, a Phase 1 biotech developing cell therapies for solid tumors and other indications, announced terms for its IPO on Monday.
The Watertown, MA-based company plans to raise $75 million by offering 4.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, SQZ Biotechnologies would command a fully diluted market value of $450 million.
The company is developing cell therapies for cancer, infectious diseases, and other serious conditions. Its most advanced platform, SQZ Antigen Presenting Cells (SQZ APC), is currently in a Phase 1 trial in HPV+ tumors, with initial data expected in the 2H21.
SQZ Biotechnologies was founded in 2013 and booked $23 million in collaboration and grant revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol SQZ. BofA Securities, Evercore ISI and Stifel are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
The article Solid tumor biotech SQZ Biotechnologies sets terms for $75 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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