MIT's cancer therapy developer has set terms for an offering that will raise more than $185m if it floats at the top of its range.
Kronos Bio, a US-based cancer therapy spinout of Massachusetts Institute of Technology, set the terms on Monday for an initial public offering that could raise up to $185m.
The company intends to issue just over 10.29 million shares priced at $16 to $18 each, having initially filed to raise up to $100m last month. If it floats at the top of its range its valuation will stand at about $940m.
Founded in 2017, Kronos is working on precision cancer treatments and plans to allocate $80m to $90m of the IPO proceeds to a phase 2/3 clinical trial for its lead product candidate, entospletinib, $29m of which will go to a milestone payment for drug producer Gilead.
Another $20m to $30m will support a phase 1/2 trial of a candidate dubbed KB-0742 that is being developed to treat advanced solid tumours. The rest will go to recruitment…
