BlossomHill Therapeutics targets $112 million IPO to fund EGFR lung-cancer drug BH-30643

BlossomHill Therapeutics, a San Diego oncology biotech, announced plans for an initial public offering to raise about $112 million.

The company intends to sell 7.8 million shares at $15-$17 each, which could generate $111.7 million, potentially up to $129.1 million if underwriters exercise their option for extra shares.

Approximately $70 million of the proceeds are earmarked for its lead candidate, BH-30643, a macrocyclic EGFR-targeting molecule currently in a phase 1/2 trial for EGFR-mutated non-small cell lung cancer.

The funding would support a potentially registrational phase 2 study, positioning the drug as a challenger to AstraZeneca's Tagrisso, which generated over $7 billion in sales last year, and competing with Johnson & Johnson's Rybrevant.