Ayala Pharmaceuticals, a Phase 2 biotech developing small molecule therapies for aggressive cancers, announced terms for its IPO on Monday.
The Rehovot, Israel-based company plans to raise $50 million by offering 3.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Ayala Pharmaceuticals would command a fully diluted market value of $189 million.
Ayala's lead candidate AL101 is an injectable small molecule gamma secretase inhibitor (GSI) in an ongoing Phase 2 trial for recurrent or metastatic adenoid cystic carcinoma in patients with Notch pathway mutations. The company's second candidate, AL102, is an oral GSI being developed for the treatment of desmoid tumors. Ayala in-licensed both candidates from Bristol-Myer Squibb in late 2017.
Ayala Pharmaceuticals was founded in 2017 and plans to list on the Nasdaq under the symbol AYLA. Citi and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of May 4, 2020.
