Silverback Therapeutics will raise $241.5 million as the Seattle biotech company goes public Friday.
Silverback priced its IPO on Thursday evening at $21 per share, which exceeded the high end of its expected range ($17 to $19). The company is selling 11.5 million shares.
Founded in 2016, Silverback uses a proprietary technology platform called ImmunoTAC to develop therapies that target specific areas of disease in a way designed to avoid damaging healthy tissue. Its lead product candidate, designated SBT6050, uses monoclonal antibodies to target breast, gastric and lung cancers. It’s currently in Phase 1/1b clinical trials, according to its IPO filing.
Silverback will be the fourth Washington state company to go public this year, following health tech startup Accolade, marketing startup ZoomInfo, and Athira Pharma, another Seattle-based biotech company that went public in September.
A record number of biotech companies are going public