US-based Boundless Bio will offer 6,250,000 shares for $16 each as the oncology company hears the bell on the Nasdaq market for the first time today (28 March).
According to a 27 March press release, Boundless, which will trade under the ticker symbol ‘BOLD’, expects to raise $100m from the initial public offering (IPO) that will close on 2 April. The pricing falls at the midpoint of a marketed range announced last week via a Securities and Exchange Commission filing.
Boundless is developing compounds that target extrachromosomal DNA (ecDNA) – circular DNA that plays an important role in the origin of cancer. The company states that this type of DNA is found in more than 14% of cancer patients.
Boundless has two assets in trials. The first, BBI-355, is an oral checkpoint kinase 1 (CHK1) inhibitor, which is being evaluated in a Phase I/II trial (NCT05827614) for the treatment of oncogene-amplified cancers. The company states that BBI-355 is the first ec-DNA-directed therapy (ecDTx) being developed. The second ecDTx candidate is BBI-825, a ribonucleotide reductase inhibitor. The drug recently entered a Phase I/II trial (NCT06299761) to treat cancer patients with resistance gene amplifications.
The biotech has been successful in its capital fundraising efforts, as it raised $100m in a Series C round in May 2023. Amongst the investors was Bayer’s investment arm.
Boundless is joining a resurgent IPO market after a period of low activity. Swiss skincare company Galderma attracted much of the headlines following its supersized $2.6bn IPO in Europe earlier this month. The offering was the largest listing in Europe since car manufacturer Porsche went public in 2022.
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Other companies in the pharma industry that have gone public in 2024 include psychiatric drug developer Alto Neuroscience and cell therapy specialist Kyverna Therapeutics. The two biotechs raised $147.9m and $319m respectively via US listings. Immunotherapy company CG Oncology generated the largest US pharma IPO so far this year, raising $380m in January.
