Shattuck Labs IPO terms value the biotech at up to $609.3 million

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Shattuck Labs Inc. set terms for its initial public offering, in which the Texas-based biotechnology company focused on cancer treatments looks to raise up to $160 million. The company is offering 10 million shares in the IPO, which is expected to price between $14 and $16 a share. With 38.1 million shares outstanding after the IPO, the pricing values the company at up to $609.3 million. The stock is expected to list on the Nasdaq under the ticker symbol “STTK.” Citigroup, Cowen and Evercore ISI are the lead underwriters. For the six months ended June 30, the company recorded a net loss of $12.8 million on collaborative revenue of $6.2 million, after a loss of $9.3 million on revenue of $5.3 million in the same period a year ago. The company is looking to go public at a good time for IPOs, as the Renaissance IPO ETF has run up 27.4% over the past three months, while the S&P 500 has gained 7.0%.
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