BRISTOL-MYERS Squibb-backed Zenas BioPharma has filed to go public in the United States, a regulatory filing showed on Thursday, underscoring improving investor appetite for new listings.
The US initial public offering (IPO) market is in the early innings of a recovery on hopes of potential interest-rate cuts and lower market volatility.
Zenas BioPharma, an immunology and inflammation focused biopharma company, said it has raised $358.3 million from investors since its inception.
The company’s investors include Tellus BioVentures, Fairmount, Norwest Venture Partners, Enavate Sciences and Bristol-Myers Squibb.
The firm’s losses widened to $65.8 million for the six months ended June 30, compared with $48.1 million, a year earlier. It did not reveal the number of shares it planned to sell and the proposed price range.
The company expects its shares to trade on the Nasdaq Global Market under the ticker symbol “ZBIO.” Morgan Stanley, Jefferies, Citigroup and Guggenheim Securities are the underwriters.
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