Bristol-Myers Squibb-backed Zenas BioPharma seeks up to $689.7 mln valuation in US IPO

Sept 6 (Reuters) – Zenas BioPharma, which is developing immunology-based therapies, said on Friday it is targeting a valuation of as much as $689.7 million in its initial public offering in the United States.

The company, backed by drugmaker Bristol-Myers Squibb (BMY.N), is looking to raise as much as $211.7 million by offering 11.76 million shares priced between $16 and $18 each.

The proposed offering comes months after Zenas raised $200 million in a funding round led by venture capital firm SR One.

The Waltham, Massachusetts-based company is developing its lead product candidate, obexelimab, for the treatment of several immunology and inflammation diseases including multiple sclerosis and systemic lupus erythematosus (SLE).

SLE is a chronic disease where the body’s immune system attacks its own tissues and multiple sclerosis is a chronic neurological disorder.