Arcellx sets IPO terms, looks to raise up to $140.3 million

Arcellx Inc. has set terms for its initial public offering, in which the Maryland-based biotechnology company, which is developing cancer treatments, looks to raise up to $140.25 million. The company said it is offering 8.25 million shares in the IPO, which is expected to price between $15 and $17 a share. With 33.54 million shares expected to be outstanding after the IPO, the expected pricing could value the company at up to $570.24 million. The stock is expected to list on the Nasdaq under the ticker symbol “ACLX.” BofA Securities, SVB Leerink, Barclays and William Blair are the lead underwriters. The company recorded a net loss of $44.30 million on no revenue during the nine months ended Sept. 30, after a loss of $23.00 million on no revenue in the same period a year ago. Arcellx is looking to go public at a time of relative investor disdain for IPOs and biotechs, as the Renaissance IPO ETF has plunged 37.2% over the past three months and the iShares Biotechnology ETF has tumbled 19.8%, while the S&P 500 has slipped 3.8%.

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