Kite Pharma, a biotech developing a cancer drug that utilizes the immune system, announced terms for its IPO on Wednesday. The Santa Monica, CA-based company plans to raise $78 million by offering 6.0 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Kite Pharma would command a fully diluted market value of $548 million.
Kite Pharma, which was founded in 2009, plans to list on the NASDAQ under the symbol KITE. The company initially filed confidentially on April 4, 2014. Jefferies, Credit Suisse and Cowen & Company are the joint bookrunners on the deal.
