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Solid tumor biotech BioAtla sets terms for $150 million IPO

December 9, 2020

BioAtla, a Phase 2 biotech developing antibody therapies for solid tumor cancers, announced terms for its IPO on Wednesday.

The San Diego, CA-based company plans to raise $150 million by offering 9.4 million shares at a price range of $15 to $17. At the midpoint of the proposed range, BioAtla would command a fully diluted market value of $527 million.

The company is developing a novel class of specific and selective antibody-based therapeutics. Its conditionally active biologics capitalize on its proprietary discoveries with respect to tumor biology, enabling it to target known and widely validated tumor antigens that have previously been difficult or impossible to target. BioAtla has initiated Phase 2 trials for its two latest stage antibody-drug conjugate candidates BA3011 and BA3021 in multiple cancer indications, with interim data expected in 2021.

BioAtla was founded in 2007 and booked $3 million in collaboration revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol BCAB. J.P. Morgan, Jefferies and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of December 14, 2020.