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UK cancer drug maker Bicycle Therapeutics prices US IPO at lower end of range

Bicycle Therapeutics PLC priced its U.S. IPO at $14 per American depositary share, the lower end of a previously announced range.

The Cambridge, U.K.-based biotechnology company is offering 4,333,333 ADSs, for gross proceeds of about $60.7 million.

Underwriters have a 30-day option to buy up to an additional 650,000 ADSs at the same price.

The company intends to use part of the proceeds to fund the development of solid tumor therapies, BT1718, BT5528 and BT8009.

Bicycle's ADSs are set to commence trading on the Nasdaq Global Select Market as of May 23 under the ticker BCYC. The offering is expected to close May 28, subject to closing conditions.

Goldman Sachs & Co. LLC, Jefferies LLC and Piper Jaffray & Co. are serving as joint book-running managers for the offering. Canaccord Genuity LLC is the lead manager.