Biomea Fusion, a preclinical biotech developing small molecule therapies for genetically defined cancers, announced terms for its IPO on Monday.
The Redwood City, CA-based company plans to raise $120 million by offering 7.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Biomea Fusion would command a fully diluted market value of $456 million.
Biomea is focused on the development of irreversible small molecule drugs to treat patients with genetically defined cancers. Its lead candidate, BMF-219, is an orally bioavailable, potent, and selective irreversible inhibitor of menin being developed for the treatment of liquid and solid tumors. The company is currently completing IND-enabling studies and expects to file an IND in the 2H21.
Biomea Fusion was founded in 2017 and plans to list on the Nasdaq under the symbol BMEA. J.P. Morgan, Jefferies and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of April 12, 2021.
