Chinese cancer biotech Gracell Biotechnologies sets terms for $150M IPO

Gracell Biotechnologies, a Phase 1 Chinese biotech developing CAR-T cell therapies for cancer, announced terms for its US IPO on Monday.

The Suzhou, China-based company plans to raise $150 million by offering 8.8 million ADSs at a price range of $16 to $18. At the midpoint of the proposed range, Gracell Biotechnologies would command a fully diluted market value of $1.1 billion.

The company aims to disrupt conventional approaches to CAR-T cell therapies with its two proprietary technology platforms, FasTCAR and TruUCAR. Its lead FasTCAR-enabled candidate, GC012F, has achieved multiple minimal residual disease, negative stringent complete responses in relapsed or refractory multiple myeloma patients in an ongoing investigator-initiated Phase 1 trial in China. Its lead TruUCAR-enabled allogeneic product candidate, GC027, has achieved multiple complete responses in relapsed or refractory T cell acute lymphoblastic leukemia patients in an ongoing investigator-initiated Phase 1 trial also being performed in China.

Gracell Biotechnologies was founded in 2017 and plans to list on the Nasdaq under the symbol GRCL. Citi, Jefferies, Piper Sandler and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of January 4, 2021.

https://www.nasdaq.com/articles/chinese-cancer-biotech-gracell-biotechnologies-sets-terms-for-%24150-million-us-ipo-2021-01