Cancer immunotherapy biotech CytomX sets terms for $100 million IPO

CytomX Therapeutics, a preclinical biotech developing tumor-activated cancer immunotherapies, announced terms for its IPO on Monday.

The South San Francisco, CA-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, CytomX would command a fully diluted market value of $585 million. Existing investors Pfizer (NYSE: PFE) and Bristol-Myers Squibb (NYSE: BMY) intend to invest up to $15 million on the offering.

CytomX, which was founded in 2008, plans to list on the Nasdaq under the symbol CTMX. BofA Merrill Lynch, Jefferies and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of October 5, 2015.