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.