Nuvalent announces $500 million public stock offering

Nuvalent Inc. (NASDAQ: NUVL) announced it has commenced an underwritten public offering of $500 million in Class A common stock shares. The clinical-stage biopharmaceutical company, based in Cambridge, Massachusetts, focuses on developing targeted therapies for kinase targets in cancer.

The offering remains subject to market and other conditions, with no assurance regarding completion timing or final terms. Two selling stockholders, Deerfield Healthcare Innovations Fund, L.P. and Deerfield Private Design Fund IV, L.P., expect to grant underwriters a 30-day option to purchase up to an additional 15% of shares sold in the offering at the public offering price minus underwriting discounts and commissions.

Nuvalent will not receive proceeds from any shares sold by the selling stockholders. J.P. Morgan, Jefferies, TD Cowen and Cantor serve as joint book-running managers for the offering.

The company is conducting the offering through an automatically effective shelf registration statement filed with the Securities and Exchange Commission on March 16, 2023. The shares are being offered solely through a prospectus and prospectus supplement that form part of the registration statement.

Nuvalent develops small molecule therapies designed to overcome resistance and address limitations of existing treatments for clinically proven kinase targets. The company's pipeline includes investigational candidates for ROS1-positive, ALK-positive, and HER2-altered non-small cell lung cancer, along with multiple discovery-stage research programs.

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