Pandion Therapeutics in $135M IPO

Watertown-based, clinical-stage biotech Pandion Therapeutics has announced the initial public offering of 7,500,000 shares of its common stock at a public offering price of $18.00 per share, for gross proceeds of $135 million. The common stock is expected to begin trading on the Nasdaq Global Market on July 17, 2020 under the symbol “PAND.” The offering is expected to close on July 21, 2020, subject to customary closing conditions.

Pandion Therapeutics is developing novel therapeutics designed to address the unmet needs of patients suffering from autoimmune diseases. Pandion’s TALON (Therapeutic Autoimmune reguLatOry proteiN) drug design and discovery platform enables the company to create a pipeline of product candidates using immunomodulatory effector modules, with the ability to also combine an effector module with a tissue-targeted tether module in a bifunctional format.  Pandion’s lead product candidate, PT101, is currently in a Phase 1a clinical trial. (Source: Pandion Therapeutics, 16 July, 2020)