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Highlights
- The company aims to raise around US$140.3 million in the IPO.
- It will offer 8.3 million shares.
- The IPO price range is expected to be between US$15 and US$17 per share.
The Biotechnology company Arcellx Inc has announced the terms of its initial public offering (IPO) on Monday. It aims to raise around US$140.3 million in the offering.
The Gaithersburg, Maryland-based company had filed for the IPO with the US Securities and Exchange Commission (SEC) on Friday, January 14.
Arcellx develops immunotherapies for patients with cancer and other autoimmune diseases. It aims to provide superior cell therapies to patients through its novel proprietary platform.
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Arcellx IPO
According to its filing, the company will offer 8.3 million shares to the public. The IPO price range is expected to be between US$15 and US$17 per share.
In addition, the company will offer an additional 1.2 million shares at the initial price to the underwriters, with a 30-day purchase option in case of overallotment.
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It is aiming at a valuation of US$570.24 million, with an expected 33.54 million shares outstanding after the IPO.
The company plans to trade its stocks on Nasdaq under the ticker symbol ACLX.
Its joint book-runners are BofA Securities, SVB Leerink, Barclays, and William Blair.
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Arcellx’s Financial highlights
The company reported a net loss of US$44.29 million for the nine months ended September 30, 2021, compared to a loss of US$23.00 million for the same period a year ago.
As of September 30, 2021, its cash and cash equivalents were US$70.02 million.
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Bottomline
The company plans to use the proceeds from the IPO to fund the development of its product candidates CART-ddBCMA, ACLX-001, and ACLX-002, as well as for other research and developments, working capital, and other corporate activities.
