Peloton Therapeutics, Inc., Bicycle Therapeutics Plc and Ideaya Biosciences, Inc. are expected to make their debut on Wednesday.
Peloton Therapeutics, Ideaya Biosciences, Inc. and U.K.-based Bicycle Therapeutics Plc are expected to price on Wednesday. The companies are all oncology-focused, and are developing drugs targeting everything from transcription factors to the tumors themselves.Peloton Therapeutics, Inc. Despite its name, Peloton Therapeutics has nothing to do with exercise bikes.
Peloton’s lead drug is aimed at a specific subset of patients and it’s possible it might be approved only as a second or third-line cancer therapy — if it gets approved at all. That would end up being a pretty small market opportunity for the company. Bicycle Therapeutics’ lead product, BT1718, is a bicycle toxin conjugate, or BTC, designed to destroy tumors that make a certain protein called membrane type 1 matrix metalloprotease, or MT1-MMP. The drug is made up of a toxin that’s been chemically attached to a bicycle. Then, after the drug is administered, the toxin gets cleaved from the bicycle and kills the tumor cells.
Bicycle is planning to offer around 4.3 million shares, priced at between $14 and $16, which means the company could raise up to $69 million. It will trade under the symbol “BCYC” on the Nasdaq. The underwriters on the deal are Goldman Sachs & Co. LLC, Jefferies, Piper Jaffray and Cannacord Genuity. Ideaya has an exclusive, worldwide license for a drug called IDE196 that it obtained from pharmaceutical giant Novartis NVS, +0.30% IDE196 is now the company’s most advanced drug candidate in a pipeline of eight drugs, six of which are still in pre-clinical development. It blocks an enzyme called protein kinase C in cancers with two specific gene mutations, dubbed GNAQ and GNA11.
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