Benzinga | Jul 7, 2021 02:28PM EDT

Precision Oncology-Focused Biotech Nuvalent Files For $100M IPO

* Less than six months after emerging from stealth, the Deerfield-backed biotech Nuvalent (NASDAQ:NUVL) is already prepping a Nasdaq debut.

* Nuvalent filed its S-1 IPO prospectus with the SEC, penciling in the $100 million raise.

* It's also a big win for Deerfield, which helped launch Nuvalent to the tune of a $50 million Series A and currently owns more than 65% of shares.

* Nuvalent lead product, NVL-520, is a brain-penetrant ROS1-selective inhibitor and is expected to begin clinical trials in patients with ROS1-positive non-small cell lung cancer (NSCLC) and other advanced solid tumors in 2Q of 2021.

* The second lead product candidate, NVL-655, is a brain-penetrant ALK-selective inhibitor and plans to start a Phase 1/2 trial in ALK-positive NSCLC in 1H of 2022.

* Some of the IPO cash will also be earmarked for preclinical programs targeting ALK, IXDN, and HER2 Exon 20 Insertions.

* In addition to Deerfield, Bain Capital also owns a significant chunk of the company, clocking in at 7.3%. Fidelity Management has a 6.1% stake, while Shair himself owns 6.5% of shares. CEO James Porter has taken home a modest 1%.

* In May, the company completed $135 million Series B financing.

* When Nuvalent goes public, it will trade under the ticker $NUVL.