Precision Oncology-Focused Biotech Nuvalent Files For $100M IPO

  • Less than six months after emerging from stealth, the Deerfield-backed biotech Nuvalent NUVL is already prepping a Nasdaq debut.
  • Nuvalent filed its S-1 IPO prospectus with the SEC, penciling in the $100 million raise. 
  • It’s also a big win for Deerfield, which helped launch Nuvalent to the tune of a $50 million Series A and currently owns more than 65% of shares.
  • Nuvalent lead product, NVL-520, is a brain-penetrant ROS1-selective inhibitor and is expected to begin clinical trials in patients with ROS1-positive non-small cell lung cancer (NSCLC) and other advanced solid tumors in 2Q of 2021.
  • The second lead product candidate, NVL-655, is a brain-penetrant ALK-selective inhibitor and plans to start a Phase 1/2 trial in ALK-positive NSCLC in 1H of 2022.
  • Some of the IPO cash will also be earmarked for preclinical programs targeting ALK, IXDN, and HER2 Exon 20 Insertions.
  • In addition to Deerfield, Bain Capital also owns a significant chunk of the company, clocking in at 7.3%. Fidelity Management has a 6.1% stake, while Shair himself owns 6.5% of shares. CEO James Porter has taken home a modest 1%.
  • In May, the company completed $135 million Series B financing.
  • When Nuvalent goes public, it will trade under the ticker $NUVL.

Posted In: Bain CapitalBriefsNon-Small Cell Lung CancerBiotechNewsHealth CareOfferingsIPOsGeneral

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