IGM Biosciences Inc. expects to price its IPO of 7,812,500 common shares at between $15 and $17 apiece.
Mountain View, Calif.-based IGM Biosciences develops engineered antibodies called immunoglobulin M, or IgM, to treat cancer. The biotechnology company applied to list its common shares on the Nasdaq Global Select Market under the ticker IGMS.
Jefferies LLC, Piper Jaffray & Co. and Stifel Nicolaus & Co. Inc. are acting as representatives of the underwriters, which include Guggenheim Securities LLC. The company granted the underwriters an option to buy up to an additional 1,171,875 common shares in the offering.
The IPO has a maximum aggregate offering price of up to $152.7 million.
IGM Biosciences expects to use $30 million of the proceeds to fund a phase 1 clinical trial for its drug IGM-2323 for relapsed/refractory B cell non-Hodgkin lymphoma, while $15 million will go to an early-stage study of the company's DR5 IgM antibody.
Additionally, $35 million will be used to develop the company's IgM product pipeline, and $15 million will fund the expansion of its manufacturing facilities. The remaining amount will go to working capital and other general corporate purposes.
