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Solid tumor biotech Silverback Therapeutics sets terms for $125 million IPO

November 30, 2020

Silverback Therapeutics, a Phase 1 biotech developing targeted immunotherapies for solid tumors, announced terms for its IPO on Monday.

The Seattle, WA-based company plans to raise $125 million by offering 7 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Silverback Therapeutics would command a fully diluted market value of $566 million.

The company uses its proprietary ImmunoTAC technology platform to develop tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases. Initially, the platform is being used to create a new class of targeted immuno-oncology agents that direct a myeloid cell activator to the tumor microenvironment (TME) in solid tumors to promote cancer cell killing. Lead candidate SBT6050 is currently in a Phase 1/1b clinical trial for advanced or metastatic HER2-expressing solid tumors, with an update on interim data from the Phase 1 dose-escalation cohorts expected in the 2H21.

Silverback Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol SBTX. Goldman Sachs, SVB Leerink and Stifel are the joint bookrunners on the deal. It is expected to price during the week of November 30, 2020.