Turning Point Therapeutics — which is developing drugs for treatment-resistant cancers — set terms for an initial public offering.
The company plans to sell 7.35 million shares at $16 to $18 each, which at the midpoint of the range would generate about $125 million, according to April 8 paperwork.
Last month, the company penciled in a $100 million IPO, while leaving blank most financial terms.
IPO proceeds would fund lead drug candidate repotrectinib, which is undergoing a phase 1/2 clinical trial, and other drug development efforts. Turning Point’s platform aims to tackle enzyme mutations that can hinder existing cancer treatments.
Jean Cui, the company’s chairman and chief scientific officer, was the lead inventor of top-selling Pfizer cancer drug xalkori.
Turning Point, founded in 2013, plans to list on the Nasdaq under the symbol TPTX.
