Zenas Biopharma IPO raises $225 mln in US IPO market

Zenas Biopharma IPO: On Thursday, the biopharmaceutical company, Zenas Biophrma reported that it has raised $225 million through its public subscription in the US market.

The company is backed by drugmaker Bristol-Myers Squibb (BMY.N) , opened for public subscription on September 12 at a price band of $16 to $18 per share.

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The Zenas biopharma IPO offered 13.2 million shares at $17 each.

Earlier, the experts’ analysis reported that 2024 will be a “comeback year” for the US IPO market.

Several companies even cancel their plan to go public amid weak market conditions.

Zenas Biopharma currently does not hold any products that are cleared for sale yet but the company is developing obexelimab that treats inflammation and immune system-related diseases.

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The company which was founded in 2019 and is based in Waltham, Massachusetts plans to go public to utilize the funds raised through public subscription for the clinical development of obexelimab and prepare itself for its launch in the US and European market as soon as it receives the approval.

As per the reports, Zenas will be listed on the Nasdaq Global Select Market under the ” ZBIO ” ticker on Friday.

Other biotechnology and biopharmaceutical companies such as MBX Biosciences and Bicara Therapeutics will also launch the IPO on Friday.

Zenas’ public offering is backed by Morgan Stanley, Jefferies, Citigroup Global Markets, and Guggenheim Securities.

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