Oncology biotech Ayala Pharmaceuticals sets terms for IPO

Ayala Pharmaceuticals, a Phase 2 biotech developing small molecule therapies for aggressive cancers, announced terms for its IPO on Monday…

The Rehovot, Israel-based company plans to raise $50 million by offering 3.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Ayala Pharmaceuticals would command a fully diluted market value of $189 million.

Ayala’s lead candidate AL101 is an injectable small molecule gamma secretase inhibitor (GSI) in an ongoing Phase 2 trial for recurrent or metastatic adenoid cystic carcinoma in patients with Notch pathway mutations.

The company’s second candidate,¬†AL102, is an oral GSI being developed for the treatment of desmoid tumors. Ayala in-licensed both candidates from Bristol-Myer Squibb in late 2017.

Ayala Pharmaceuticals was founded in 2017 and plans to list on the Nasdaq under the symbol AYLA. Citi and Jefferies are…

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