WASHINGTON (dpa-AFX) - Zenas BioPharma, Inc. announced on Friday its intention to offer 11.76 million shares priced between $16 and $18 each for its Initial Public Offering.
The company has also provided the underwriters with a 30-day option to buy up to 1.76 million shares of common stock to address over-allotments.
Zenas estimates that it will receive approximately $180.7 million from this offering, or about $208.6 million if the underwriters fully exercise their over-allotment option.
The net proceeds will be used, along with existing cash, to further develop its lead product candidate obexelimab. Additionally, the funds will help prepare for the potential commercial launch of obexelimab in the U.S. and Europe, pending approval, including the production of commercial supply, as well as working capital and other corporate needs.
Zenas will be listed on the Nasdaq Global Select Market under the ticker symbol 'ZBIO.'
The offering is being managed by Morgan Stanley, Jefferies, Citigroup Global Markets, and Guggenheim Securities.
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