Biotech startup Prelude Therapeutics (PRLD) has priced its initial public offering of 8.325M shares at $19/share, for expected gross proceeds of ~$158.2M.
Underwriters' overallotment is an additional 1,248,750 shares.
Shares to kick off trading today on the Nasdaq Global Select Market.
Offering is expected to close on September 29, 2020.
The Wilmington, DE-based biotech leverages its drug discovery engine to develop small molecule cancer therapies spanning methyltransferases, kinases, protein-protein interactions and targeted protein degraders for the potential treatment of solid tumors and blood cancers. Lead candidates PRT543 and PRT811 inhibit an enzyme called protein arginine methyl transferase 5 (PRMT5) that plays a key role in cancer cell growth and survival.
According to a 2019 market research report by ResearchAndMarkets, the global market for all solid tumor types was an estimated $121.3B in 2018 and is expected to exceed $424B by 2027.
The company's pipeline is summarized below:
https://seekingalpha.com/news/3617243-prelude-therapeutics-prices-ipo-19-higher-end-of-expected-range-of-17-19
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