Ikena Oncology Announces Pricing of Initial Public Offering

Rhea-AI Summary

Ikena Oncology announced the pricing of its initial public offering (IPO), offering 7,812,500 shares at $16.00 each, aimed to raise gross proceeds of $125.0 million. The shares will trade on the Nasdaq starting March 26, 2021, under the ticker symbol IKNA, with the offering expected to close on March 30, 2021. A 30-day option has been granted to underwriters for an additional 1,171,875 shares. Ikena focuses on developing cancer therapies targeting key signaling pathways, and has five programs in development, including collaborations with Bristol-Myers Squibb.

Positive

• Initial public offering priced at $16.00 per share, raising $125.0 million in gross proceeds.
• Shares expected to trade on Nasdaq under ticker symbol IKNA, enhancing market visibility.
• Collaboration with Bristol-Myers Squibb for IK-175 and IK-412 programs could accelerate development and market access.

Negative

• Potential dilution of shares due to the issuance of additional shares if underwriters exercise their option.
• Dependence on strategic partnerships, which may impact independent operational control.

Ikena Oncology, Inc. (“Ikena”), a targeted oncology company focused on developing cancer therapies targeting key signaling pathways that drive the formation and spread of cancer, today announced the pricing of its initial public offering of 7,812,500 shares of common stock at a public offering price of $16.00 per share. The shares are expected to begin trading on the Nasdaq Global Market on March 26, 2021 under the ticker symbol “IKNA.” The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Ikena, are expected to be $125.0 million. The offering is expected to close on March 30, 2021, subject to the satisfaction of customary closing conditions. In addition, Ikena has granted the underwriters a 30-day option to purchase up to an additional 1,171,875 shares of common stock at the initial public offering price.

Jefferies, Cowen, Credit Suisse and William Blair are acting as joint book-running managers for the offering.

The registration statement relating to these securities became effective on March 25, 2021. The offering will be made only by means of a prospectus, copies of which may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@Jefferies.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by email at usa.prospectus@credit-suisse.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Ikena Oncology

Ikena Oncology is a targeted oncology company focused on developing cancer therapies targeting key signaling pathways that drive the formation and spread of cancer. Ikena is advancing five programs that include four product candidates in either clinical development or IND-enabling studies: IK-930, a TEAD inhibitor targeting the Hippo signaling pathway; an ERK5 inhibitor program targeting the KRAS signaling pathway; IK-175, an AHR antagonist; IK-412, a kynurenine-degrading enzyme; and IK-007, an EP4 receptor antagonist. Ikena has entered into a global strategic collaboration with Bristol-Myers Squibb Company for its IK-175 and IK-412 programs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005987/en/

FAQ

What is the IPO pricing and size for Ikena Oncology (IKNA)?

Ikena Oncology is offering 7,812,500 shares at $16.00 each, aiming for $125.0 million in gross proceeds.

When will the shares of Ikena Oncology begin trading?

Shares are expected to begin trading on the Nasdaq on March 26, 2021.

What is the ticker symbol for Ikena Oncology?

The ticker symbol for Ikena Oncology is IKNA.

What are Ikena Oncology's key drug development programs?

Ikena is advancing five programs including IK-930, an ERK5 inhibitor, and IK-175, an AHR antagonist.

What underwriters are involved in Ikena's IPO?

Jefferies, Cowen, Credit Suisse, and William Blair are acting as joint book-running managers.