ALX Oncology Holdings, a Phase 1 immuno-oncology biotech developing CD47 pathway-blocking therapies, announced terms for its IPO on Monday.
The Burlingame, CA-based company plans to raise $128 million by offering 8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, ALX Oncology Holdings would command a fully diluted market value of $605 million.
The company's lead product candidate, ALX148, is a next-generation CD47 blocking therapeutic that is currently in a Phase 1b trial in combination with rituximab for non-Hodgkin's lymphoma. The company is planning to advance ALX148 into a Phase 1b/2 trial in combination with azacitidine for MDS by the end of 2020 and a Phase 1b/2 trial in combination with standard of care agents for acute myeloid leukemia in 2021.
ALX Oncology Holdings was founded in 2015 and booked $4 million in related party revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol ALXO. Jefferies, Credit Suisse, Piper Sandler, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
