Janux Therapeutics sets IPO terms, to be valued at up to $646 million

Janux Therapeutics Inc. has set terms of its initial public offering, as the California-based biotechnology company developing cancer treatments looks to be valued at up to $646.0 million. The company is looking to raise up to $161.5 million, as it is selling 9.5 million shares in the IPO, which is expected to price between $15 and $17 a share. The stock is expected to trade on the Nasdaq under the ticker symbol “JANX.” BofA Securities, Cowen and Evercore ISI are the lead underwriters. The company recorded a net loss of $6.8 million on no revenue in 2020, after a loss of $4.0 million on no revenue in 2019. The company uses its Tumor Activated T Cell Engager (TRACTr) platform technology to develop therapeutics to better treat people with cancer. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 1.4% over the past three months while the S&P 500 has advanced 10.1%.

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