Ikena Oncology, a Phase 1 oncology biotech developing small molecule inhibitor therapies, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $125 million by offering 7.8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Ikena Oncology would command a fully diluted market value of $606 million.
Ikena Oncology is a targeted oncology company focused on developing novel cancer therapies targeting key signaling pathways that drive the formation and spread of cancer. Its lead targeted oncology candidate, IK-930, is an oral small molecule inhibitor of the TEAD transcription factor in the Hippo signaling pathway, and the company intends to submit an IND for IK-930 in the 2H21. Ikena is also developing candidates designed to modulate the tumor microenvironment in specific patient populations, with its two most advanced candidates currently being evaluated in Phase 1 trials.
Ikena Oncology was founded in 2016 and booked $9 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol IKNA. Jefferies, Cowen, Credit Suisse and William Blair are the joint bookrunners on the deal.
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