Zenas BioPharma (ZBIO Proposed), a Phase 2/Phase 3 clinical biotech focused on MS and other autoimmune diseases, disclosed the terms for its $199.9 million IPO and launched the deal early today – Friday, Sept. 6, 2024 – for pricing next week. The clinical biotech is offering 11.8 million shares at a price range of $16.00 to $18.00 to raise $199.9 million, if priced at the $17.00 mid-point of its range. Zenas BioPharma would have a market cap of about $651.39 million, if priced at the $17.00 mid-point. This is a NASDAQ listing.
Morgan Stanley, Jefferies, Citigroup and Guggenheim Securities are the joint book-runners.
Zenas BioPharma’s IPO is set for pricing next week – on Thursday night, Sept. 12, 2024, to trade Friday, Sept. 13, on the NASDAQ.
The clinical biotech company, based in Waltham, Massachusetts, said it is “developing new therapies for MS (multiple sclerosis) and other autoimmune disorders,” according to the prospectus.
“Our lead I&I (immunology and inflammation) product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and Fcγ receptor IIb (“FcγRIIb”), which are broadly present across B cell lineage, in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them,” Zenas BioPharma said in the prospectus.
“We are developing obexelimab as a potential I&I franchise for patients in several autoimmune diseases, representing substantial commercial opportunities individually and in the aggregate. The first four indications we are pursuing include:
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Immunoglobulin G4-related disease (“IgG4-RD”) through an ongoing registration-directed Phase 3 trial;
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Multiple sclerosis (“MS”) and systemic lupus erythematosus (“SLE”) through planned Phase 2, double-blind, randomized, placebo-controlled trials, each of which we plan to commence in the third quarter of 2024; and
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Warm autoimmune hemolytic anemia (“wAIHA”) through an ongoing Phase 2/3 trial, currently in the Phase 2 open label portion.